Soaring mortgage rates and home prices have hammered prospective homebuyers this year. But now there’s some good news.
The share of homes for sale with price drops hit 21% in July, according to real estate brokerage Redfin, the highest percentage since it began tracking the data in 2012.
“Sellers had to cut their prices because, they were catching up with buyers, who had come to expect lower prices amid a cooling market,” Redfin said in commentary accompanying its data.
“Rising mortgage rates and the prospect of falling home values also made buyers hesitant to pay sky-high prices, and an uptick in supply gave them more to choose from.”