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Homebuying demand persisted as mortgage rates declined for the second week in a row after the Fed announced it will only modestly hike interest rates. But limited supply is another barrier for... | March 24, 2023
The decline depicts a real estate market that is becoming increasingly inaccessible for first-time home buyers, who have been deterred from entering the market by the rapidly rising home prices.
Buyers, who were waiving their contingencies during the pandemic are instead using it to walk away from their contracts.
The study, from real estate firm Redfin, ranked the nation's most populous hubs using metrics such as prices, price drops, and supply - and found the market is cooling fastest along the West Coast.
Setting seller expectations has been the biggest challenge to navigate in the slowing Zoom town markets, say real estate agents.