Home Sellers Pull Listings As Homes Sit Longer And Sellers Refuse Lower Offers

Benzinga

Home sellers pulled nearly 85,000 listings in September, the highest for the month in eight years, as properties sat longer and price cuts widened. Zillow reports record-tying $25,000 cumulative reductions, with more homes at risk of selling at a loss. Supply is up year over year but expected to shrink as the slow season begins.

Transcript

00:00It's Benzinga bringing Wall Street to Main Street.

00:02Home sellers pulled nearly 85,000 listings in September, rising 28% from a year ago and

00:08marking the highest level for the month in eight years, according to CNBC. Sellers are delisting

00:14as homes sit longer, with 70% of listings on the market for at least 60 days. Prices rose 1.3%

00:20year-over-year in September, slightly below August's 1.4% gain, and many owners prefer to

00:26rather than accept lower offers. Zillow said typical cumulative price cuts hit $25,000 in

00:32October, matching the largest on record. Roughly 15% of delisted homes were at risk of selling at a

00:38loss, the highest in five years. Supply is about 15% higher than last year, but is expected to shrink

00:45as the market enters its slowest season. Pending sales rose 1.9% in October. For all things money,

00:52visit Benzinga.com.

Category

Transcript

Be the first to comment

Recommended