According to a recent report by Trulia, more than 20% of the houses listed for sale in the Dallas area have had at least one price cut in order to try and move the property. The nationwide figure for properties that have had at least one markdown is hovering around 17% as of August. "Comparing data from August 2017 with August 2018, the share of listings with a price cut rose in 63 of the 100 largest metros," said Trulia economist Felipe Chacón. "Homes in pricier neighborhoods have listing prices slashed more often than those listed in neighborhoods where homes are less expensive.
At about 3 percent of the original listing price, the average U.S. price cut wasn't much. But the increase in "reduced price" signs in neighborhoods across the nation is another sign of the changing home-buying landscape."An increasing prevalence of price cuts doesn't necessarily indicate a definitively cooling market," Chacon said. "But given that home value appreciation rates are also edging lower and inventory is increasing in many supply-strapped markets, it seems clear the home-search process may be getting easier for buyers for the first time in a long time."
The number of homes up for sale with real estate agents in North Texas has grown by about 15 percent in the last year to the largest number of houses on the market in six years. Home sales by real estate agents in the area are flat this year. And median home prices through the first nine months of 2018 are up only about 5 percent from the same period last year. The U.S. cities with the largest percentage of price cuts this year include San Diego (26.4 percent), Salt Lake City (24.9) and Warren-Farmington Hills, Mich. (23.6), Trulia found.Read More