Downward trends are accelerating in home-buyer markets as Redfin announced last week that competition for homes fell to a 15-month low and the highest share of sellers on record dropped their list prices during the four weeks ending June 12.
This highlighted a week that saw the home mortgage interest rates bolt higher to levels not seen since 2008.
Jennifer Bowers, a Redfin real estate agent in Nashville, said in prepared remarks that homes are now getting one to three offers, compared with five to 10 two months ago and as many as 25 to 30 six months ago.
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