Newsfeed: Home prices are being slashed in these 10 cities as real-estate market cools

By Aarthi Swaminathan

Home sellers slashed prices in June in areas that were red-hot earlier in the pandemic, according to Realtor.com.

The U.S. housing sector is finally cooling off. For those looking to buy, there are homes in several parts of the country that are on sale right now, according to new data.

Sellers slashed home prices in June in areas that saw red-hot price appreciation earlier in the pandemic, including Reno, Nev., Austin, Texas, and Boise, Idaho, according to Realtor.com. With more homebuyers pulling back amid higher mortgage rates and recession fears, sellers are reacting to the decline in demand.

Realtor.com looked at the 200 largest metro areas in the U.S. and calculated which ones had the highest percentage of home listings with price cuts in June.

(Realtor.com is operated by News Corp  NWSA, +2.10% subsidiary Move Inc., and MarketWatch is a unit of Dow Jones, which is also a subsidiary of News Corp.)

“With buyers pulling back, homes linger for a longer time on the market and more homeowners have to slash prices to get a deal done,” George Ratiu, senior economist at Realtor.com, said.

Ratiu noted that the price cuts have been the sharpest in places that attracted many eager out-of-state buyers earlier in the pandemic.


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