1008 ET - Home sellers gave concessions to buyers in 44.4% of U.S. home-sale transactions in 1Q, Redfin says. That's up from 39.3% a year earlier, and is just shy of the 45.1% record high at the start of 2023. A concession is recorded when an agent reports a seller provided something that helped reduce the buyer's total cost of purchasing the home. Sellers are increasingly handing out concessions because the housing market has tilted in favor of buyers. Homebuyer demand is sluggish due to high home prices, elevated mortgage rates and economic uncertainty. At the same time, sellers are facing more competition from each other, with listings now at a five-year high. When buyers have more options to choose from, it typically means they have more negotiating power. (chris.wack@wsj.com)
(END) Dow Jones Newswires
April 21, 2025 10:08 ET (14:08 GMT)
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