Home Sellers are Now the Anxious Party in the Sales Transaction

Redfin, the Seattle-based, real estate brokerage firm is reporting that during the four-week period ending on June 26^th, 2022, that an increasing number of home sellers are ceding to the mounting pressure on affordability posed by this month’s (June’s) rapid mortgage rate increases.

As a result, the median asking price of a newly listed homes for sale has declined 1.5% from the all-time high it reached in the spring, and a record-high share of sellers have dropped their asking prices during the same time period. This as pending home sales continued to slow, posting their largest decline since May of 2020. Redfin does note that there are signs that early-stage homebuyer demand is starting to level off.