Homebuyers Are Finding Relief As The Market Begins To Ease Up

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After months of tipping heavily in sellers’ favor, the scales of the housing market are finally balancing out, according to a new report from Redfin. These buyers are also seeing the housing shortage ease, price growth slow and mortgage rates finally begin to drop from their 2022 high. Housing remains expensive, but mortgage rates just posted their biggest weekly drop since 2008, which makes buying a home a bit more affordable,” Redfin Chief Economist Daryl Fairweather said. On average, 7% of homes for sale each week had a price drop, a record high as far back as the data goes, through the beginning of 2015. Fewer people searched for “homes for sale” on Google and touring activity as of July 3 was down 14% from the start of the year.

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