Source: World Property Journal —
Based on new data from national property broker Redfin, after years of tipping heavily in sellers’ favor, the scales of the U.S. housing market are finally balancing out.
Soaring housing costs caused many house hunters to drop out in recent months, which is now providing some relief for buyers who remain. Today’s buyers are seeing the housing shortage ease, price growth slow, competition decline and mortgage rates drop from their 2022 high. The share of sellers slashing their asking prices hit a record high during the four weeks ending July 3, and the portion of homes going for above list price fell for the first time since June 2020 as sellers responded to waning homebuyer demand.
