Home prices are dropping thanks to high mortgage rates weighing on demand.
The 30-year fixed mortgage rate edged up last week, hovering above 7%.
download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy .
AdvertisementHome prices are falling at the fastest pace in over a year, thanks to demand plunging amid stubbornly high mortgage rates, according to Redfin.
That's the highest percentage of sellers that have slashed prices since November 2022, when the 30-year fixed mortgage rate spiked past 7% for the first time in more than 20 years.
Persons:
—
Organizations:
Service, Business