According to a new report from Redfin, says the housing market is shifting toward homebuyers’ favor as more sellers came to the market during the four weeks ending May 15, 2022. They said new listings climbed nearly twice as fast as they did at this time last year and the share of listings with a price drop rose to its highest level in two and a half years.
“Rising mortgage rates have caused the housing market to shift, and now home sellers are in a hurry to find a buyer before demand weakens further,” said Redfin Chief Economist Daryl Fairweather. “Not only are more homes hitting the market each week, but sellers are dropping their prices at rates not seen since before the pandemic. This sudden pressure on sellers is good news for those homebuyers who can still afford to buy at today’s higher mortgage rates. These trends point to an even cooler market this summer.”