While home prices are still rising, the pace of increased values has been slowing in recent months, as has the number of home sales. The long drought of listings, at least on a national basis, has finally broken, with Realtor.com reporting that new listings were up 4 percent in October 2018, compared with October 2017.
The majority of markets across the United States saw an increase in the number of homes for sale this October, compared with October 2017, with increases of more than 32 percent in San Jose, Seattle, San Francisco and Nashville.
One more indication that the housing market might be getting better for buyers is that the number of price cuts on homes for sale recently reached the highest level since 2014, according to researchers at Trulia. The number of price cuts was unchanged for the first half of 2018, compared with the first half of 2017. But in July and August the researchers began to see more price cuts, compared with those months in the previous year.
Price cuts vary widely by neighborhood and often are clustered in specific areas or price ranges. Typically, Trulia found that more price cuts can be found in more expensive neighborhoods.
The researchers found that there were more price cuts this August, compared with August 2017, in 63 of the largest 100 metro areas. In the Washington region, though, price cuts actually declined slightly, from 19.7 percent of all homes in August 2017 to 18.9 percent of all homes in August 2018.
~Michele Lerner, Washington Post