Home sellers in the Raleigh area are increasingly dropping prices
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Around one-third of houses for sale in the Raleigh metro area saw price cuts recently, according to Redfin data.
Why it matters: Home sellers across the country are increasingly offering discounts to entice buyers hampered by high housing costs.
What they're saying: "A housing market that for years has been defined by fast sales and few options is starting to look more like it did before the pandemic in terms of competition among buyers and their negotiating power," Zillow chief economist Skylar Olsen said.
Yes, but: Despite more price drops in listings, the median sales price in Wake County in July was still up year over year — though just 1% to $490,000, according to data from Triangle Multiple Listing Services.
What's next: Many real estate agents expect competition to heat up once summer vacation ends and kids are back in school.