In a sign that the inflationary fever that has afflicted housing prices may be starting to break, nearly one in five home sellers dropped prices during the four-week period ending last Sunday, according to a new report from Redfin.
In its housing market update, Redfin said prices dropped on 19.1% of homes for sale during its four-week survey, up from 13% last month.
Redfin's seasonally adjusted Homebuyer Demand Index, which measures the number of home buyers requesting tours, posted its largest decline since April 2020, when Covid lockdowns curtailed activity. Mortgage-purchase applications were down 16% from a year earlier and now match the level in June 2020, according to the report.
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