Redfin Reports First Annual Drop in Home Prices Since 2012
Broke Agent Media
MARCH 20, 2023
This was due to sellers backing off in response to buyer demand cooling in the wake of a recent spike in mortgage rates. Sellers have had to lower their home price expectations, thanks to the impact of higher mortgage rates on buyer activity. Closed home sales are also showing modest improvement, with a 1.8% last month.
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