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The housing market’s ongoing slowdown will continue through the end of the year as surging mortgage rates discourage prospective homebuyers, according to the latest analysis by real estate firm Redfin.

Redfin noted a “nosedive” in home-touring activity, which is down 38% since January over the last four weeks, with declining demand that led a near-record share of homeowners to lower their asking prices.

The average home sold for 0.3% less than their asking price for the four weeks ending September 4 – marking the first-time homes didn’t sell above their list price in a year and a half, according to the firm’s latest market report.