With home sellers realizing that buyers are no longer able to afford houses at current prices and mortgage rates, they are adjusting expectations and prices are dropping in multiple housing markets across the United States, according to real estate brokerage Redfin.
In Provo, Utah, 47.8 percent of homes for sale saw prices go down in May, the highest among 108 metropolitan divisions analyzed by Redfin, the firm announced in a June 21 news release.
Tacoma, Washington, saw 47.7 percent of homes reduce prices; Denver saw 46.9 percent; Salt Lake City saw 45.8 percent; Sacramento, California, saw 44.3 percent; Boise, Idaho, saw 44.2 percent; Ogden, Utah, saw 42.6 percent; Portland, Oregon, saw 42 percent; Indianapolis saw 41.9 percent; and Philadelphia saw 41.2 percent….