Overall, home sales in those four weeks fell 2.4%. The largest declines were in Providence, RI (-15.5%), Houston (-15.4%), and New York City (-15.3%). The biggest increases were in West Palm Beach, FL (20.9%), San Francisco (16.7%), and San Jose, CA (11.4%).
The typical home that went under contract did so in 51 days nationwide, the longest amount of time for this time of year since 2019.
Sellers in many parts of the country are trying to cut list prices to get their homes to move. Redfin reported a record 34% of February home sellers cut their list price in the month. This is up from 31.5% last year.
Those who cut their price lowered it by an average of $40,915, or 7.3%. This was the highest percentage cut in February since 2023, according to Redfin.
Will rates continue to slide?
There are mixed opinions on whether mortgage rates will continue to fall, but most agree that it will depend on a permanent peace in the Middle East. The current ceasefire caused the 10-year Treasury to drop on Wednesday, bringing down mortgage rates.