Home prices are finally cooling: Nearly 17% of sellers are slashing prices as more homes linger on the market

Home sellers continued cutting their prices in February in a bid to contend with a growing number of properties lingering on the market, along with stubbornly high 30-year fixed mortgage rates. The share of housing inventory with price cuts was higher than in any February since 2016, reaching 16.8% after experiencing an uptick of more than 2 percentage points since last year.