michigician OP t1_ir66f6n wrote on October 5, 2022 at 4:57 PM

Reply to comment by thedrcubed in USA MLS Home Listings with Price Reduction, as a Percent of Active Listings, by County, September, 2022 [OC] by michigician

This data is significant because it shows the market response by region to the increase in home financing cost over the past few months.

thedrcubed t1_ir66ks8 wrote on October 5, 2022 at 4:58 PM

Agreed and I appreciate you posting it

dog_eat_god t1_ir6jy9c wrote on October 5, 2022 at 6:24 PM

This is great info. Please do this each month if you're able to.

bradland t1_ir79t1h wrote on October 5, 2022 at 9:08 PM

The question is, how does this compare to prior periods? Are price reductions a normal part of the market mechanism? That is to say, is it all that unusual for someone to list a home at a high price, then drop the price to find the market fit?

AaronsLennon t1_ir7q69p wrote on October 5, 2022 at 11:05 PM

While I question the formula used I can indeed confirm that price changes have not occured in 2020 or 2021. Homes sold immediately and for well over list price in my area. I.e. home were not on the market long enough for the seller to change the price.

Price changes are normal in an average market but these numbers are all new to anyone who has been watching the market for only the last 3 years.

FarfromaHero40 t1_ir8eoy0 wrote on October 6, 2022 at 2:27 AM

Yes excellent work - am looking to buy 07-08/2023. Love the overall trend down to the granular.