Source: Scotsman Guide —
With affordability hovering around all-time lows and buyer activity on the decline, more and more home sellers are recalibrating their expectations and adjusting their asking prices, according to a new report from Redfin.
The median asking price of newly listed homes for sale has dropped 1.5% from the spring’s record peak, the real estate brokerage reported. With the Federal Reserve enacting a historic interest rate hike earlier this month, the four-week period ending on June 26 saw the number of home sellers who dropped their asking price reach an all-time high.
The median asking price of newly listed homes during that period was $405,547 — still up 15% year over year, but down 1.5% from the record high set during the four-week period ending May 22.