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Forcing Home Sellers to Drop Asking Prices Nationwide

Forcing Home Sellers to Drop Asking Prices Nationwide

According to national property broker Redfin, U.S. homebuyer demand softened further over the last several weeks of April 2022, as a typical slump in buying and selling over Easter and Passover weekend amplified a recent slowdown triggered by surging mortgage rates and housing costs.

Roughly 1 in 8 sellers cut their list prices during the four weeks ending April 17–the highest share in five months–and asking prices declined slightly from the previous four-week period. Redfin’s Homebuyer Demand Index–a measure of requests for home tours and other home-buying services from Redfin agents–fell 4% year over year during the holiday week in its first drop since June. Mortgage applications and online searches for “homes for sale” also slumped. Read more on… worldpropertyjournal

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