Home sellers’ expectations often lag reality when the real estate market starts to slow down, and those over-exuberant expectations often show up in the number of sellers who lower the price of their listing.
According to a study of June home listings by Redfin, the number of sellers lowering their asking price spiked notably higher in June 2022 compared to June 2021. In the eight Florida metros included in the study, the range ran from 44.5% of Tampa sellers down to 19.8% of Miami sellers.
Looking at our Pinellas coastal markets (beaches and near beaches) 39.8% of active sellers listed have reduced their asking price in the last 30 days.
Closed prices of homes/condos sold within the last 30 days in our coastal markets are still up 8 tenths of 1% month over month and are up 15% from the same time last year.
Mortgage Rates Shift Back Up
Mortgage rates are volatile as economic growth slows due to fiscal and monetary drags. With rates the highest in over a decade, home prices at escalated levels, and inflation continuing to impact consumers, affordability remains the main obstacle to homeownership for many Americans.
