Home sellers are increasingly cutting their asking prices as buyers, constrained by higher mortgage rates and overall inflation, have become less willing to jump into the housing market at any cost.
The growing number of price cuts, a trend showing up in data from across the nation, is one of the strongest signs yet that the previously red-hot market, fueled by low mortgage rates and all-cash bidding wars, is cooling.
The price reductions don't mean overall home values are dropping. In the wider U.S., they make up a minority of listings, and most homes still sell for more than the list price.
