Real Estate

More home sellers drop their asking price as the housing market cools

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Daniel Acker | Bloomberg | Getty Images

Home sellers are getting nervous, as the once hot housing market cools fast.

One in five sellers in August dropped their asking price, according to Realtor.com. A year ago that share was just 11%.

The average home sold for less than its list price for the first time in over 17 months during the four-week period ended Aug. 28, according to a report by Redfin.

Homes are simply not selling at the breakneck pace they were six months ago, when strong demand butted up against tight supply, bidding wars were the norm, and a seller could often get a signed contract in under a weekend. Homes in August sat on the market an average five days longer than they did…



Source cnbc.com

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