Home sellers nationwide are under pressure to lower prices to attract buyers, as rising interest rates lead to more vacant homes on the market.
According to Realtor.com, the number of homes available increased by 34.2% this past May, with properties averaging 44 days on the market.
The website highlighted three cities experiencing significant price drops: Tampa Bay, Jacksonville, and Charlotte.
In Tampa Bay, over 28% of homes saw price reductions, which is nearly an 11% increase compared to 2023, bringing the median home price to $425,000.
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