A for sale sign is posted in front of a property in Monterey Park, Calif. on Aug. 16, 2022. (Frederic J. Brown/AFP via Getty Images) A record number of home sellers dropped their asking price in July, as the U.S. housing market began to tank rapidly, according to new data from Redfin .
July saw the biggest annual decline in U.S. home sales in more than a year.
Many buyers have fled the housing market amid high mortgage rates and rising prices, while some prospective homeowners have refrained from selling, as home price growth began to slow.
During the pandemic, millions of Americans flocked to quiet metropolitan areas like Boise, Phoenix, and Tampa in search of extra space and lower housing costs in order to work from home, causing home values in the new boomtowns to skyrocket.
Last month, Home sales fell 4.1 percent from June for the sixth consecutive monthly decline.
Sales dropped 19.3 percent annually from July 2021, the lowest level since the beginning of the pandemic, when the housing market was nearly stagnant, according to Redfin.
Many prospective homebuyers were priced out of the market, especially first-time buyers, while others were wary of a potential decline in home values in the near future.
The tumble in sales was primarily caused by mortgage rates rising above 5 percent to its highest level in years, dramatically cooling the housing market, while inflation rates remain elevated across the country.The Federal Reserve’s attempt to raise interest rates to slow inflation earlier this year caused the jump in mortgage rates, which promptly ended the housing boom. Single Digit Growth Meanwhile, price growth is now in the single digits after two years of double-digit increases, when rising mortgage rates started to soar causing demand and sales to slump.Home prices have increased 7.7 percent to their slowest pace since June […]
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