Home Sellers Cut Prices in a Stagnant Housing Market
Sellers are lowering prices and helping buyers reach deals as homes go months without an offer, ABC News and PBS NewsHour reported.
Home sellers are lowering their prices and helping buyers reach deals in a stagnant housing market, ABC News reported. That report said many sellers are "stuck in limbo" as homes go months without an offer.
The ABC News summary described the market as hampered by surging mortgage rates, years of soaring home prices and an economy undercut by rising inflation. The summary connects those pressures to homes that go months without an offer.
PBS NewsHour reported, in a story by Alex Veiga of The Associated Press, that the trend marks a stark turn from earlier this decade. Sellers then often received well above their asking price as home shoppers, empowered by rock-bottom mortgage rates, fueled a "buying frenzy" that sent home prices soaring, the report said.
The two accounts differ mainly in emphasis. ABC News focused on sellers left waiting while homes go months without an offer, while PBS NewsHour focused on the contrast with the earlier period of intense buying. Neither summary gives figures for prices, mortgage rates or how long the slowdown has lasted, and neither names a city or region.
The PBS NewsHour headline states that sellers are lowering their prices and helping buyers make a deal, the same action the ABC News headline describes. Both reports point to sellers adjusting their asking prices as the market slows, though neither summary explains how widespread that adjustment is.
Sources: ABC News: Home sellers are lowering their price and helping buyers to make a deal in a stagnant market; PBS NewsHour: Home sellers are lowering their prices and helping buyers to make a deal in a stagnant market.