Home sellers are cutting list prices as spring buying season starts with higher mortgage rates

By ALEX VEIGA
AP Business Writer

LOS ANGELES (AP) — More homeowners eager to sell their home are lowering their initial asking price in a bid to entice prospective buyers as the spring homebuying season gets going. Some 14.6% of U.S. homes listed for sale last month had their price lowered, according to Realtor.com. That’s up from 13.2% a year earlier, the first annual increase since May. The share of home listings that have had their price lowered is running slightly higher than the monthly average on data going back to January 2017. Rising mortgage rates in recent weeks have put pressure on sellers to scale back their asking price.