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 26th, 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.


FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.
Original Source:
Redfin Reports Asking Prices Come Down from All-Time High