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