Buyers are still fleeing the market in droves despite signs of cooling, driven out by rising mortgage rates and economic uncertainty. Home sales fell by 19.3% YOY in July, hitting their lowest level since the pandemic started, Redfin reported. It’s the biggest annual decline in U.S. home sales in more than a year. Sales also…
New listings fell 12% during the four-week period ending August 7, the largest YOY decline since June 2020, according to recent Redfin data. Higher mortgage rates are keeping some Americans in their homes longer than they normally would be. Some homeowners are experiencing what Redfin calls “rate lock-in,” a fear of putting their home up…
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