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Home Sellers Starting to Drop Asking Prices in the U.S.
Seattle-based Redfin reports that home sellers across the country who dropped their asking prices in April shot up to a six-month high of 15%. That’s up from 9% a year ago, and represents the largest annual gain on record in Redfin’s data since 2015.
The news isn’t all rosy for homebuyers, however, as the typical monthly payment jumped 42% in that same period, and buyers continue to outnumber sellers. That means home sales remain at a record pace, and are still being purchased over asking price. Meanwhile, the median home price increased 17% year-over-year, standing at a record $396,000.
Nonetheless, the landscape is starting to change. Fewer people are searching for “homes for sale” on Google and the Redfin Homebuyer Demand Index was down 10% in April, compared to March. In addition, mortgage purchase applications declined 11% from a year earlier as rates have spiked to a 13-year high of 5.27%.
- ◦Economy
