Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.