{"id":65114,"date":"2019-02-26T04:45:08","date_gmt":"2019-02-26T12:45:08","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=65114"},"modified":"2020-10-06T12:59:43","modified_gmt":"2020-10-06T19:59:43","slug":"february-price-drops-benefit-buyers","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/february-price-drops-benefit-buyers\/","title":{"rendered":"More Home-Sellers are Dropping Their Prices Than in Previous Winters as Buyers Seize More Control of the Market"},"content":{"rendered":"

More than one in five homes for sale nationwide dropped its price in the last month. In Fresno it was two in five.<\/h2>\n

More than any time in the past few years, 2019 is shaping up to be a good year for homebuyers. One way the market has shifted to buyers: More price drops. As of mid-February, more than one in five homes for sale had a price drop\u2014the largest February rate in at least 10 years.<\/p>\n

Over One in Five Homes For Sale Has Dropped the Price<\/figure>\n

Price drops are a highly cyclical measure, typically peaking late in the year and falling dramatically to start each new year, and this year is no different. However, even though the share of homes with price drops is down quite a bit from the fall and isn\u2019t up year-over-year as much as it was then either (+5.5 points then vs. +3.6 points now), it is starting 2019 at a much higher level than the past several years.<\/p>\n

Share of Homes For Sale With Price Drops Starts 2019 at a High Point<\/figure>\n

There are still a few markets where as many as one in three homes for sale have seen a price drop. Among metro areas with at least 500,000 people, Fresno, California leads the pack with 40.4 percent of homes having dropped the price. Here are the top ten.<\/p>\n

Table: Top 10 Metro Areas with the Largest Share of Homes for Sale with a Price Drop<\/h2>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Rank<\/th>\nMetro Area<\/th>\nShare of Homes for Sale with a Price Drop in the prior 4 Weeks as of Week 7 2019<\/th>\nShare of Homes for Sale with a Price Drop in the prior 4 Weeks as of Week 7 2018<\/th>\n<\/tr>\n<\/thead>\n
1<\/td>\nFresno, CA<\/td>\n40.4%<\/td>\n40.1%<\/td>\n<\/tr>\n
2<\/td>\nTampa, FL<\/td>\n33.3%<\/td>\n28.3%<\/td>\n<\/tr>\n
3<\/td>\nIndianapolis, IN<\/td>\n32.4%<\/td>\n24.9%<\/td>\n<\/tr>\n
4<\/td>\nBakersfield, CA<\/td>\n31.4%<\/td>\n30.8%<\/td>\n<\/tr>\n
5<\/td>\nPhoenix, AZ<\/td>\n30.7%<\/td>\n23.2%<\/td>\n<\/tr>\n
6<\/td>\nCape Coral, FL<\/td>\n30.2%<\/td>\n28.5%<\/td>\n<\/tr>\n
7<\/td>\nDenver, CO<\/td>\n29.6%<\/td>\n19.0%<\/td>\n<\/tr>\n
8<\/td>\nOrlando, FL<\/td>\n28.8%<\/td>\n21.4%<\/td>\n<\/tr>\n
9<\/td>\nDeltona, FL<\/td>\n27.2%<\/td>\n25.8%<\/td>\n<\/tr>\n
10<\/td>\nSacramento, CA<\/td>\n26.6%<\/td>\n22.3%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

(Among metro areas with a population of 500,000 or more)<\/span>
\nWhile many of the areas with the largest share of price drops have been at high levels for a while, there are some metros where price drops are on the rise and are much more common than they were are a year ago. Las Vegas (+13.6 points), Seattle (+12.8 points) and Albuquerque (+12.2 points) saw the largest year-over-year increases in the share of homes for sale with a price drop.
\n\u201cMany sellers listed their homes late last year just as rising prices and mortgage rates were starting to price out their core pool of potential buyers,\u201d said Las Vegas Redfin agent Jennifer Brockman. \u201cMeanwhile, some buyers are starting to think that waiting to purchase a home could pay off, especially as listing inventory continues to rise. In this new market reality, buyers may have negotiating power now that they won’t have in the spring and summer.\u201d<\/p>\n

Table: Top 10 Metro Areas with the Largest Increase in the Share of Homes for Sale With a Price Drop<\/h2>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Rank<\/th>\nMetro Area<\/th>\nPercentage Point Increase in Price Drops 2018 to 2019 (Week 7)<\/th>\nShare of Homes for Sale with a Price Drop in the prior 4 Weeks as of Week 7 2019<\/th>\nShare of Homes for Sale with a Price Drop in the prior 4 Weeks as of Week 7 2018<\/th>\n<\/tr>\n<\/thead>\n
1<\/td>\nLas Vegas, NV<\/td>\n13.6<\/td>\n24.9%<\/td>\n11.3%<\/td>\n<\/tr>\n
2<\/td>\nSeattle, WA<\/td>\n12.8<\/td>\n25.7%<\/td>\n13.0%<\/td>\n<\/tr>\n
3<\/td>\nAlbuquerque, NM<\/td>\n12.2<\/td>\n26.5%<\/td>\n14.3%<\/td>\n<\/tr>\n
4<\/td>\nSan Jose, CA<\/td>\n11.1<\/td>\n17.9%<\/td>\n6.8%<\/td>\n<\/tr>\n
5<\/td>\nDenver, CO<\/td>\n10.6<\/td>\n29.6%<\/td>\n19.0%<\/td>\n<\/tr>\n
6<\/td>\nPalm Bay, FL<\/td>\n9.5<\/td>\n20.4%<\/td>\n10.9%<\/td>\n<\/tr>\n
7<\/td>\nAtlanta, GA<\/td>\n9.0<\/td>\n22.4%<\/td>\n13.4%<\/td>\n<\/tr>\n
8<\/td>\nPhoenix, AZ<\/td>\n7.5<\/td>\n30.7%<\/td>\n23.2%<\/td>\n<\/tr>\n
9<\/td>\nIndianapolis, IN<\/td>\n7.5<\/td>\n32.4%<\/td>\n24.9%<\/td>\n<\/tr>\n
10<\/td>\nOrlando, FL<\/td>\n7.4<\/td>\n28.8%<\/td>\n21.4%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

(Among metro areas with a population of 500,000 or more)<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

More than one in five homes for sale nationwide dropped its price in the last month. In Fresno it was two in five. More than any time in the past few years, 2019 is shaping up to be a good year for homebuyers. One way the market has shifted to buyers: More price drops. As […]<\/p>\n","protected":false},"author":13505,"featured_media":65116,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8,22],"tags":[32],"coauthors":[],"class_list":["post-65114","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","category-market-tracker","tag-housing-market-tracker"],"acf":[],"yoast_head":"\nMore Home-Sellers are Dropping Their Prices Than in Previous Winters as Buyers Seize More Control of the Market - Redfin Real Estate News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/news\/february-price-drops-benefit-buyers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"More Home-Sellers are Dropping Their Prices Than in Previous Winters as Buyers Seize More Control of the Market\" \/>\n<meta property=\"og:description\" content=\"More than one in five homes for sale nationwide dropped its price in the last month. 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