Cooling market in Sun Belt cities as inventory surges
- Nearly a third of home sellers in Sun Belt cities are cutting prices as housing supply increases
- 47 out of 50 US metropolitan areas saw an uptick in for-sale listings with price cuts this June compared to last year
- Tampa, Denver and Austin had the highest share of homes with lowered prices
- Median listing prices fell by up to 6% in some cities
- Inventory of homes for sale grew by 93% in Tampa from last year
Nearly a third of home sellers in Sun Belt cities are cutting their asking prices due to the increase in housing supply. Forty-seven out of 50 US metropolitan areas saw an uptick in for-sale listings with price cuts this June compared to last year, according to Realtor.com data. The highest share of homes with lowered prices were found in Austin-Round Rock-Georgetown, Texas; Denver-Aurora-Lakewood, Colo.; and Tampa-St. Petersburg-Clearwater, Fla. Median listing prices fell by up to 6% in some cities. The inventory of homes for sale grew by 93% in Tampa from last year.
Factuality Level: 8
Factuality Justification: The article provides accurate information about the increasing number of home sellers in Sun Belt cities reducing their asking prices, citing data from Realtor.com and discussing the impact on specific metropolitan areas. It also mentions mortgage rates and median listing prices for each area. The article is based on a report from Realtor.com and includes relevant information about the housing market in these regions.
Noise Level: 6
Noise Justification: The article provides some relevant information about home sellers slashing their asking prices in certain metropolitan areas, but it is brief and lacks a comprehensive analysis or context. It also includes some irrelevant details such as the mention of text-to-speech technology and advertisements.
Public Companies: News Corp (NWSA), Redfin (RDFN)
Private Companies: Move Inc.,Realtor.com
Key People: George Kurtz (CEO of CrowdStrike)
Financial Relevance: Yes
Financial Markets Impacted: Housing market and real estate companies
Financial Rating Justification: The article discusses home sellers slashing their asking prices in Sun Belt cities, impacting the housing market and real estate companies. It mentions specific metropolitan areas with increased price cuts and higher inventory levels, affecting home prices and rents.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in this article. The text discusses the increase in home price cuts and rental drops in certain US cities due to higher inventory levels.
www.marketwatch.com 
