Redfin reported a decline in median home prices in 14 of the 50 largest US metro areas during the last week of July, largely due to high mortgage rates impacting buyer demand. Oakland experienced the largest decline at 6.8%. Although the national median home price increased 2% year-over-year, it remains lower than previous gains. Many sellers are now incentivizing potential buyers, leading to longer market times and greater negotiation opportunities, though some are choosing to delist their homes instead of accepting lower offers.
"Home prices are starting to dip because high mortgage rates have pushed many buyers out of the market, weakening demand," Redfin chief economist Daryl Fairweather told Business Insider.
"With fewer buyers in the market, some sellers are more willing to negotiate on price and terms - but others are choosing to delist rather than sell for less. That dynamic is giving buyers a bit more leverage, but it's also keeping inventory tight," Fairweather said.
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