02:50 PM EDT, 06/06/2024 (MT Newswires) -- The share of US home sellers cutting asking prices accelerated to a one-and-a-half-year high in May even as overall selling prices climbed a record level, Redfin (RDFN) said in a Thursday report.

The share of US home sellers cutting prices ticked up two points during the four weeks ended June 2 to 6.4%, the highest level since November 2022, according to the real estate brokerage. Selling prices were up 4.4% year over year to an all-time high of $392,200, its data showed.

The asking-price cut offers an early indicator "that national price growth could soften soon," Redfin wrote. Homes sold above list price dipped two percentage points to 32% over the period.

New listings were up 6.9% from the same four-week period of 2023. Redfin said pending sales dropped 3.8%, the biggest decline in over three months.

Inventory edged up 0.6 points to 3.2 months, which still indicates a seller's market, the real estate brokerage said. It took homes longer to sell during the four-week period to June 2, with the number of days on the market ticking up by three to 32.

"There's no getting around the fact that it's expensive to buy a home right now, but some people are having luck negotiating with sellers," said Cleveland-based Redfin Premier agent Bonnie Phillips. "I've seen buyers get a home under asking price when it has been on the market for a few weeks. That's especially true when their agent presents market data that supports a lower market value."

In the 50 most populous US metros tracked by Redfin, sales prices only declined in four markets -- Austin, San Antonio and Fort Worth in Texas, followed by Portland in Oregon. The biggest price increases were in Anaheim, California, Nassau County, New York and Newark, New Jersey.

The median monthly housing payment was a near-record during the four-week period, based on a 7.03% mortgage rate. The average 30-year fixed mortgage rate dipped to 6.99% for the week ended Thursday, according to Freddie Mac data.

Price: 6.82, Change: -0.17, Percent Change: -2.43