Homeowners Dropping Prices Hits Five-Year Record

House price cuts were at their highest level in March since 2019, Realtor.com revealed on Thursday, suggesting sellers are now more willing to offer potential buyers a bargain.The housing market is entering its busy Spring season, and buyers are coming out of their winter hibernation to house hunt in earnest. And they won't be disappointed. The percentage of homes with price cuts reached 15 percent in March, 2024 compared to about 13 percent a year ago.

Realtor.com points out the impact of high mortgage rates on buyers, where the cost of monthly payments has gone up by nearly 3 percent when financing for 80 percent of a home loan. This means to acquire a median-priced property, a prospective homeowner needs to earn nearly $89,000 a year, an increase of $2,500. That income does not account for taxes and homeowner insurance costs, which have also been rising.

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