US Housing Market ‘Underperforming’ As Third of Homes Take Price Cut

According to Altos Research’s Mike Simonsen, one in three homes listed for sale in the U.S. has taken a price cut, signaling a potential negative turn in home prices nationally this spring. With mortgage rates still high at around 7 percent, sellers are adjusting prices to meet cautious buyers, as inventory increases in many parts of the country. Despite a slight increase in median price for pending sales, other indicators like widespread price cuts and an uptick in unsold listings suggest a possible slide in home prices this year, with weaker demand and underperforming sales in January indicating a challenging market ahead.

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