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SEATTLE-Higher mortgage rates are slowing the pace of home sales in a variety of ways, two online brokerage firms say. Locally based Redfin says a survey of prospective buyers found that a majority blame rising rates for making homes less affordable as well as for influencing them to change the pace of their search, while ZipRealty reported that the average length of time a home is on the market ticked upward in its most recent report.

“Higher mortgage interest rates and the seasonal slowdown that typically occurs in the fall are expected to cause a degree of moderation in housing market trends,” says Lanny Baker, president and CEO of Emeryville, CA-based ZipRealty. “For the first time in several months, the median days on market ticked upward in the current report to 28 days from 27 days a few weeks ago. More than half of the cities studied saw the length of time it takes to sell a house rise by a day or two.”

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