National Mortgage News: fewer sellers cut prices

Redfin said on May 19 that 35.4% of U.S. home sellers cut their asking prices in April, down from 35.6% in March and below the recent peak reached earlier this year. National Mortgage News reported the move as another sign that some spring buyers are returning, even as price reductions remain more common than they were a year ago. Redfin said buyers have lost a bit of negotiating power as demand improves in parts of the country, but the market is still uneven across regions. Local coverage, including a May 20 report from ClickOnDetroit, described a spring market that is “waking up” in some metro areas. ### Why did fewer sellers cut prices in April? April data from Redfin showed a small month-to-month decline in the share of sellers lowering list prices. The brokerage said the change reflected a market in which buyers are regaining some activity after a weak start to the year, reducing pressure on some sellers to trim asking prices. (redfin.com) Redfin said the broader balance between buyers and sellers also shifted slightly in April. The company reported there were an estimated 47% more sellers than buyers in April, down from 48% in March and a peak of 49% at the end of 2025, indicating that the buyer advantage narrowed modestly even though sellers still outnumbered buyers nationally. (redfin.com) ### Where are price cuts still most common? Texas and other Sun Belt markets remained the clearest exception to the national pattern. Redfin said more than half of home sellers cut prices in San Antonio, Austin, Dallas and Phoenix, and National Mortgage News highlighted Texas in particular as an area where price reductions remained widespread. (redfin.com) Texas market data from Redfin showed home prices in the state were down 1.8% year over year in March, with homes taking longer to sell. The brokerage said the median days on market in Texas rose to 82 days, up 12 days from a year earlier, a backdrop that helps explain why sellers in several Texas metros are still adjusting prices. ### Are buyers actually coming back this spring? (redfin.com) ClickOnDetroit reported on May 20 that “more buyers” were re-entering the market as the spring season progressed. The outlet said the market had begun to wake up, echoing the national data showing a slight reduction in seller concessions. Mortgage-rate coverage has been mixed. ClickOnDetroit reported on April 23 that the average U.S. 30-year mortgage rate had slipped to 6.23%, its third weekly decline, before reporting on April 30 that the average rate rose back to 6.3%. (redfin.com) Those shifts left borrowing costs elevated, but lower rates earlier in the spring may have helped bring some buyers off the sidelines. (clickondetroit.com) ### Does this mean the market has turned in sellers’ favor? Redfin said price drops are “still much more common than in years past,” even after the April pullback. That means the latest data point shows easing pressure on some sellers, not a broad return to the tight seller’s market conditions seen during the pandemic-era housing boom. (clickondetroit.com) National housing data published by ClickOnDetroit on May 11 also showed existing-home sales were essentially flat in April at a seasonally adjusted annual rate of 4.02 million units, according to the National Association of Realtors. That report described the spring buying season as lackluster, underscoring that stronger buyer activity has not been uniform across the country. (redfin.com) ### What should readers watch next? May and June listings data will show whether the April decline in price cuts continues as the spring market moves into its busiest stretch. Redfin’s next monthly housing updates and local market reports from outlets such as ClickOnDetroit will provide the next read on buyer demand, mortgage-rate pressure and whether Texas and other Sun Belt metros remain outliers. (redfin.com) (clickondetroit.com)