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Published: May 09, 2022 3 min read
For Sale Sign With Dollar Sign Falling Off
Money; Shutterstock

More and more home sellers are dropping their asking prices this spring. But hopeful homebuyers looking for relief in the red-hot housing market shouldn’t celebrate just yet.

The four-week period ending on May 1 saw 15% of home sellers drop their asking prices, according to a recent report from the real estate brokerage Redfin. That's a major uptick from the same period last year, when 9% of home sellers dropped their list prices.

For many buyers sitting on the sidelines waiting for prices to fall, this might seem like great news. Homes have been selling at record speeds, and bidding wars that push home prices well above asking are more common than ever. So an increase in sellers dropping their prices would be a boon for buyers — if it weren’t for the fact that many sellers are backing out of the market, too.