46% of Home Sellers Gave Concessions to Buyers in May, the Highest Share on Record For That Month

Nearly half of U.S. home sellers (46%) made concessions to buyers in May, the highest May share in Redfin’s records, with concessions most prevalent in Nashville where three-quarters of sellers gave them and least common in the Bay Area. Sixteen percent of May sales involved both a concession and a price reduction, also a May record. Redfin defines concessions as seller assistance with repairs, closing costs, or mortgage buydowns.