#price-cuts

#price-cuts

California's most expensive housing markets are posting mixed results, with price per square foot ranging from $706 to $989 among top metros. While all significantly exceed state and national medians, their selling speeds and market conditions vary widely. Santa Barbara leads the state at $989 per square foot, followed by San Jose at $962. Both metros price well above California's $409 median and dwarf the national median of $213. Yet their market dynamics differ substantially.

The Austin-Round Rock-San Marcos metro housing market shows a striking disconnect between aggressive price reductions and selling pace, with 53.43% of active listings taking price cuts while homes still require 84 days to sell, according to the latest market data. This paradox positions Austin as an outlier in both Texas and national markets. Despite more than half of sellers reducing prices, the metro's median days on market exceeds the national average of 77 days, though it moves faster than the Texas state median of 91 days.

Tesla is slashing lease prices across most of its lineup for a limited time. You'll have to act quickly if you're in the market for a new Tesla, though. That's because the lower lease prices are only valid until the end of the month. Tesla has lowered the lease prices for most of the electric cars it sells in the United States, but the discounts won't last long.

While builders continue to contend with rising construction costs, a recent drop in mortgage interest rates over the past month should help spur housing demand, Buddy Hughes, the NAHB chairman, said in a statement. As builders look to improve buyer traffic and offload inventory in September, 39% of them turned to price cuts, up from 37% in August, marking the highest percentage post-Covid. The average price cut made by these builders remained at 5%, where it has been since November of 2024.