A press release from Redfin. "Signs continue to point toward a changing market that's letting homebuyers be more selective as supply constraints begin to ease in the hottest markets, according to Redfin. As a result, sellers are feeling compelled to adjust their expectations — and their prices. In the four weeks ending on September 16, 26.6 percent of homes listed for sale had a price drop, the highest level on record since Redfin began tracking this metric in 2010. We define a price drop as a listing price reduction of more than 1 percent and less than 50 percent."

"'There are some early signs of a softening market, and the increase in price drops may be another indicator that sellers are going to have trouble getting the prices, and the bidding wars, that they may have just months ago. Instead, many are finding their homes are sitting on the market without much interest until they start reducing their prices,' said Taylor Marr, Redfin senior economist."

"Las Vegas (+12.3 points to 28.1%), San Jose (+10.7 pts to 25.7%), Seattle (+10.1 pts to 37.1%), and Atlanta (+9.0 pts to 27.9%) were among the markets that posted the biggest year-over-year increases in the share of homes with price drops."

"'In a market where we're seeing more inventory, sellers may choose to use price reductions to continue to generate interest in their home for sale,' said Jessie Culbert, a Redfin agent who works with sellers in Seattle."