Home sellers' concerns are accelerating into the summer based on an unsteady economy and rising interest rates and inflation.
More sellers than ever are dropping their asking prices as suddenly the single-family home market has shifted to favor the buyers, according to a new report from real estate brokerage Redfin.
Redfin Seattle-area real estate agent Caroline Loudenback said in prepared remarks, "Homebuyers are worried about interest rates, having to go back to the office, getting laid off, and wondering if they can get a better deal by waiting out the market."
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"The median asking price of newly-listed homes for sale are down 1.5% from the all-time high it reached in the spring, and a record-high share of sellers dropped their asking price during the four-week period ending June 26," according to Redfin's report.
Buyers Coming Back – Later
Redfin chief economist Daryl Fairweather said in prepared remarks, "Data on home-tours, offers and mortgage purchase applications suggest that homebuyers have noticed the shift in power and are no longer leaving the market in droves.
"Buyers coming back will provide support to the housing market, but between now and the end of year I think the power will continue to shift towards buyers, resulting in mild price declines from month to month."
Other Key Data
- 30-year mortgage rates fell slightly to 5.7% for the week ending June 30.
- "Homes for sale" searches on Google during the week ending June 25 were down 7% from a year earlier.
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