Record Numbers of US Homeowners Slashed Sales Prices in July, Says Redfin
A record number of home sellers dropped their asking price in July, as the U.S. housing market began to tank rapidly, according to new data from Redfin.
July saw the biggest annual decline in U.S. home sales in more than a year.
Many buyers have fled the housing market amid high mortgage rates and rising prices, while some prospective homeowners have refrained from selling, as home price growth began to slow.
During the pandemic, millions of Americans flocked to quiet metropolitan areas like Boise, Phoenix, and Tampa in search of extra space and lower housing costs in order to work from home, causing home values in the new boomtowns to skyrocket….