Home prices have been increasing for a while. But their consistent upward climb is starting to slow, according to new data. In fact, a recent analysis has found the number of home sellers who have reduced their listing price is up from where it was last year.
The research shows 17.2 percent of homes for sale reduced their price in August, up from 16.7 percent last year at the same time. Price cuts are encouraging news for hopeful home buyers who have been keeping an eye on home prices. In fact, price reductions have hit their highest level since 2014.
The luxury market is being affected most by this trend. For example, there are more reductions seen at the higher end of the housing market than in more affordable price brackets. While you may be able to find a better deal in a pricier neighborhood, you may not have as much luck in cheaper locations. Potential home buyers should do some research on their preferred neighborhoods and get an idea of what they can afford.