Twelve percent of homes for sale had a price drop during the four weeks ending April 3, up from 9% a year earlier and the highest share since early December. The rate of sellers dropping their prices is growing faster month over month than it has since August.
This fast-growing share of home-sellers dropping their prices is another sign that the early 2022 housing frenzy is starting to ease as mortgage rates approach 5%, according to a new report from real estate brokerage Redfin.
Price drops are still rare, but the fact that they are becoming more frequent is one clear sign that the housing market is cooling, according to Redfin chief economist Daryl Fairweather.
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