In a sign that sellers are overpricing their homes, 18% of all listings saw price reductions in April, led by Arizona (28%) and Florida (25%). California had 16%. The 18% is the highest percentage since April 2016.
Of course, unrealistic expectations are nothing new in the housing market. Experts warn against a listing that goes “stale,” sitting on the market even after numerous price reductions. Nationally, the average time on the market in April was 50 days, four more than 2024 and the longest time since 2020.