The Washington Post today reports on new Zillow data that shows moderation in home price growth.
You might be relaxing at the beach or in the mountains, but if you’re considering purchasing a home in the coming months, you should be aware of an important shift emerging in the market: List prices on growing numbers of houses are being cut, even in places where previous appreciation has been strong and sales at record levels. The great American post-Recession housing-price boom appears to be losing at least a little of its oomph, opening opportunities for alert buyers.
New research released last week by realty marketing site Zillow found that 1 of every 7 listings (14 percent) across the country saw a price reduction during June, the latest month covered by the study data. The rate of reductions was higher than it has been in some markets for years. In Seattle, which has been scorching hot — with multiple offers and double-digit appreciation routine — 12 percent of listings got a price reduction in June, the highest rate since 2014. The city’s median cut was 3.1 percent.
