Top 10 Housing Markets with the highest price cut rate in May 2024.
More price cuts mean more seller desperation. And a greater likelihood that prices drop in the future.
1. Tampa – 37% price cut rate 📉
2. Austin – 36%
3. Colorado Springs – 36%
4. Denver – 36%
5. Jacksonville… pic.twitter.com/F3mGea53MK— Nick Gerli (@nickgerli1) June 14, 2024
2) Here's another market with crazy high price cuts: Nashville, TN.
It didn't make the top 10. However, you can see that the rate of cuts is now at the highest level for Nashville in the last 7 years.
Here's the graph (available under a premium membership to Reventure App):… pic.twitter.com/TM23fMRDrD
— Nick Gerli (@nickgerli1) June 14, 2024
5) And of course – there are large regional disparities in terms of where sellers are cutting prices.
On the US Map below, you can see price cuts highest in the areas in Red. Basically all across Sun Belt, Texas, Florida, and Southwest.
Meanwhile – price cuts are lowest in… pic.twitter.com/ELX62703VE
— Nick Gerli (@nickgerli1) June 14, 2024
Realtors across America are beginning to admit the truth: we’re in a housing market depression, with historically low home sales and home prices that are beginning to go down across America.