Home sellers cut asking prices as market cools

LOS ANGELES - The U.S. housing market may finally be cooling off.

The number of home sellers lowering prices has reached the highest level since October 2019, the latest sign that the housing market is slowing from its pace during the COVID-19 pandemic.

Nearly one in five sellers dropped prices during the four-week period ending May 22, Redfin Corp. said in a report last week.