More and more, home sellers are giving in to the mounting pressure on affordability posed by June’s rapid mortgage rate hike, according to a new report from Redfin, a technology-powered real estate brokerage.
“Sometimes price isn’t even the reason a home is sitting on the market without selling,” she explained. “Some more remote areas that were super popular during the pandemic are now being overlooked as buyers reconsider long commutes with high gas prices. It’s a tricky market, and you have to pay close attention to your local sales and listings to understand what’s happening.”
Fewer people searched for “homes for sale” on Google—searches during the week ending June 25 were down 7% from a year earlier. Mortgage purchase applications were down 24% from a year earlier, while the seasonally-adjusted index was up 0.1% week over week during the week ending June 17.Unless otherwise noted, this data covers the four-week period ending June 26. Redfin’s weekly housing market data goes back through 2015.The median asking price of newly listed homes increased 15% year over year to $405,547, but was down 1.5% from the all-time high set during the four-week period ending May 22.
Homes that sold were on the market for a median of 17 days, down from 18 days a year earlier and up slightly from the record low of 15 days set in May and early June.
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