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Where are home sellers dropping prices?

Nationwide, home sellers are dropping their prices to attract buyers.

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Some cities have seen a 33% price reduction.

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Where are prices dropping?

Mortgage rates are still on the rise. However, places that buyers rushed too over the past two years are now seeing housing prices drop. Almost 20% of sellers are dropping prices as demand falls. That means 1 in 5 sellers will be forced to drop their price.

The cities that are seeing the greatest drops are:

  • Cape Coral, Florida- 33% drop
  • Sacramento, California- 30% drop
  • North Port, Florida
  • Tampa, Florida
  • Atlanta, Georgia
  • San Antonio, Texas
  • Phoenix, Arizona

Mortgage rates are still high, but are starting to stabilize and it is expected the prices will soon do the same. Mortgage rates are the reason for the price drop. The high rates lead to a decrease in demand for housing.

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