Sellers And Landlords Are Cutting Sales Prices And Rental Rates

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Dallas, San Antonio, and San Jose had the highest jumps in for-sale price cuts over the last year

May 18, 2017

Photo: Pixabay

In the year ending April 2017 9.7 percent of rental listings and 10.9 percent of for-sale listings had a price cut.

Of the top 100 metros, 83 had an increase in the share of rental listings and 69 had an increase in the share of for-sale listings with a price cut within the last year, according to Trulia.

Rent prices had accelerated for the last five years, but now landlords are trying to fill their buildings by lowering prices, or offering months of free rent.

Meanwhile, for-sale price increases remain strong, but sellers are still cutting prices to move homes off the market and doing so at an accelerating rate. This suggests that if price cuts are predictive, home prices soon could flatten. On the other hand, accelerating home prices could just be making it more difficult for sellers to price their home right from the get go.

Dallas, San Antonio, and San Jose had the highest jumps in for-sale price cuts over the last year. Dallas, Austin, and Houston had the highest increases in rental price cuts.

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