Homeowners are less confident about their ability to sell than in the previous quarter, according to data released Monday by Redfin.
The real estate firm's quarterly survey of market sentiment found that confidence among home sellers dropped 17 percentage points, to 35%. The survey asks sellers whether now is a good time to sell in their neighborhoods.
"Sellers hoping for higher prices will face reality soon as all signs point to lower price growth and less competition among buyers in the coming months," said Nela Richardson, chief economist at Redfin, in a press release Monday. "Buyer demand is there, but only at the right price."
Low inventory in the market has discouraged potential sellers, although inventory has begun to loosen. Between August and September, the number of homes for sale on the market increased by 4.1%,
