Buyers’ Strike Deepened in August Despite Lower Mortgage Rates. Listings Surge, Home Sellers Slowly Drop Prices

Listing prices, YoY: Miami -11.7%, San Diego -9.1%, Kansas City -8.5%, San Francisco -7.7%, Austin -7.6%. Active listings explode in Tampa, San Diego, Miami, Seattle… By Wolf Richter for WOLF STREET. In August, “the housing market slowed considerably as both buyers and sellers patiently wait for a lower mortgage rate environment,” Realtor.com reported today, along with dropping listing prices, waves of price reductions, surging – or exploding – active listings, and rising days a property spent on the market before …