While buyers contend with mortgage rates edging toward the 8% mark, Redfin reports that an increasing number of the nation’s home sellers are reducing their asking prices. Read the full data here.
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Rising Home Prices Fueled by Ongoing Supply Shortage
Redfin's latest housing market update showed that the total share of homes on the market is down nearly 18% year-over-year, representing the biggest decline since February 2022. A significant lack of homes for sale caused home prices to rise nearly 5% annually, as mortgage-purchase applications remain at their lowest level in nearly three decades.
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