Sky-High Listing Prices Are Finally Starting To Come Back Down To Earth

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.

The median asking price of newly-listed homes for sale is down 1.5% from the all-time high it reached in the spring, and a record-high share of sellers dropped their asking price during the four-week period ending June 26. Pending sales continued to fall, posting their largest decline since May 2020, but there are signs that early-stage home buyer demand is starting to level off.

Read the full article on Forbes.com.