“Home asking prices tumble at record pace as mortgage rates surge: data”
October 17, 2022
“Home sellers are slashing their asking prices at a record clip as surging mortgage rates drive a downturn in the US housing market, according to a recent report from real estate firm Redfin.
About 7.9% of home listings reported price drops during the four-week period ending Oct. 9, according to a rolling average compiled by Redfin. That figure marked a record high and a significant uptick compared to the same period last year, when just 4% of listings reported price cuts…
“The second sharp rate increase this year, together with nerves about inflation and the direction of the economy, is dragging home-sale activity down further than it was over the summer and pushing homebuyer sentiment down near its all-time low,” Marr added…”
https://nypost.com/2022/10/17/home-asking-prices-tumble-at-record-pace-as-mortgage-rates-surge/