This Market Just Tipped Further Toward Buyers

In the week ending August 31, sellers cut price on eight listings while only four new ones came onto the market, and inventory now works out to roughly 12.6 months of supply.

This is a buyer's market, and this week it tilted further that way. Eight sellers cut their asking price. Only four new listings came onto the market. That's twice as many repricings as fresh supply, and it's the clearest read this market gave all week.

The math behind that split matters more than it looks. New listings came in at four, well below the four-week average of nine, a drop of about 56%. Price cuts ran the opposite direction: eight of them, exactly twice the four-week average of four, up 100% in a single week. When cuts double while new supply gets cut in half, it's the sellers already in the market doing the adjusting, not new arrivals testing higher prices.

None of this happened because the shelf emptied out. Active listings held at 81, down only about 5% from the four-week average of 85. At the current pace, that inventory works out to roughly 12.6 months of supply, meaning what's for sale now would take just over a year to clear if nothing else came onto the market. That's not a shortage. That's a market where sellers are competing for a buyer pool that isn't in any hurry.

Closings slowed too. Six homes sold this week, down about 29% from the four-week average of 8.5. Fewer sales alongside more repricing isn't two separate stories. It's one: buyers are taking their time, and sellers who listed at last month's price are the ones adjusting to meet them.

The reductions weren't limited to one price point, either. They ranged from $5,000 up to $25,900, on homes listed anywhere from $124,900 to $584,900. The steepest single cut landed at 105 Spring Meadow Rd, where the asking price came down $25,900 to $499,000. Entry-level and upper-mid listings took reductions too, which is the tell that this isn't one overpriced outlier correcting. It's a market-wide reset.

The list-price middle of the market sat at $320,000, splitting almost evenly: 40 homes asking below that mark, 41 at or above it. Sellers on both sides of that line are the ones cutting, not just the high end.

If you're selling here, the lesson is straightforward: price for the market you're actually in, not the one from a few weeks back. With eight repricings against four new listings this week, plenty of sellers are learning that lesson in real time, and a home priced right the first time avoids becoming next week's cut.

If you're buying, this is the leverage you've been waiting for. With 81 homes active and roughly 12.6 months of supply sitting on the shelf, there's no reason to chase a listing at its original number. Ask for the adjustment before the seller offers it.

What to watch next is simple: whether new listings climb back toward that four-week average of nine, or price cuts keep running at double their usual pace. If cuts stay elevated while new supply stays thin, that's a market still catching up with itself, not one correcting and done.

Figures are Redfin's ZIP-level aggregates via Listing Leads.