Share this article!

A significant number of sellers around the U.S. are cutting prices as high mortgage rates and fears of a potential recession keep many prospective buyers at bay.

A recent report by Redfin indicated over 25% of home sellers in three-quarters of metros tracked by the brokerage nationwide dropped their asking prices in June.

In some areas, more than 60% of sellers dropped their prices which, according to the report, has “become a common feature of the cooling housing market, particularly in places that were popular with homebuyers earlier in the pandemic.”