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Redfin Reports Asking Prices Come Down from All-Time High(NASDAQ: RDFN) -More and more, home sellers are ceding to the mounting pressure on affordability posed by this month's rapid mortgage-rate hike, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. The median asking price of newly-listed homes for sale is down 1.5% from the all-time high it reached in the spring, and a record-high share of sellers dropped their asking price during the four-week period ending June 26. Pending sales continued to fall, posting their largest decline since May 2020, but there are signs that early-stage homebuyer demand is starting to level off. "Data on home-tours, offers and mortgage purchase applications suggest that homebuyers have noticed the shift in power and are no longer leaving the market in droves," said Redfin chief economist Daryl Fairweather. "Buyers coming back will provide support to the housing market, but between now and the end of year I think the power will continue to shift towards buyers, resulting in mild price declines from month to month." "Homebuyers are worried about interest rates, having to go back to the office, getting laid off, and wondering if they can get a better deal by waiting out the market," said Redfin Seattle-area real estate agent Caroline Loudenback. "On the other side, sellers are adjusting to this new reality and learning that sometimes there's not much they can do to increase buyer interest. Sometimes price isn't even the reason a home is sitting on the market without selling-some more remote areas that were super popular during the pandemic are now being overlooked as buyers reconsider long commutes with high gas prices. It's a tricky market and you have to pay close attention to your local sales and listings to understand what's happening." Leading indicators of homebuying activity:
Unless otherwise noted, this data covers the four-week period ending June 26. Redfin's weekly housing market data goes back through 2015.
To view the full report, including charts and methodology, please visit:
About Redfin Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people. For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email [email protected]. To view Redfin's press center, click here.
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