Home sellers are slashing prices by an average of $41,000 to attract buyers

Home sellers are reducing their asking prices by an average of 7.3%, or nearly $41,000, in February. More than one-third of home sellers reduced their asking prices in February. This share of households lowering prices is the highest February share on record since 2012. Redfin says buyers have been deterred by high mortgage rates, high prices, and economic uncertainty. The probability of a price reduction is lower for those who owned their homes for the length of time they owned their home. Less than one-third of February 2026 sellers who had owned their homes for the oldest own their homes for at least seven years lowered their price. In contrast, 34.9% of فلسفة sellers who had owned their holdings for two to seven years. The sellers who purchased homes during the pandemic peak set high initial listing prices to recoup their investment. These sellers must now lower their expectations as the market has shifted. Sellers in Texas and Florida are most likely to reduce their prices. Sellers in the the San Francisco Bay Area are the least likely to implement price cuts.