{"id":74283,"date":"2022-05-06T05:00:56","date_gmt":"2022-05-06T12:00:56","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=74283"},"modified":"2022-10-26T13:02:00","modified_gmt":"2022-10-26T20:02:00","slug":"housing-market-update-record-spke-in-price-drops","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-record-spke-in-price-drops\/","title":{"rendered":"Housing Market Update: More Sellers Drop Their Prices, But Buyers Find Little Relief"},"content":{"rendered":"

Homebuying is as competitive and costly as ever as soaring mortgage rates make the market less inviting for many would-be sellers.<\/h2>\n

The share of home sellers who dropped their asking price shot up to a six-month-high of 15% for the four weeks ending May 1, up from 9% a year earlier. The 5.9% increase is the largest annual gain on record in Redfin\u2019s weekly housing data back through 2015. For homebuyers, the typical monthly mortgage payment skyrocketed a record 42% to a new high during the same period. Although a growing share of sellers are responding to the palpable drop in homebuyer demand by lowering their prices, sellers remain far outnumbered by buyers, so the typical home flies off the market at the fastest pace on record and for more than its asking price.<\/p>\n

\u201cHomebuyers continue to be squeezed in nearly every way possible, which is causing some to take a step back from the market,\u201d said Redfin Chief Economist Daryl Fairweather<\/a>. \u201cUnfortunately for buyers hoping to find a deal as competition cools, sellers are pulling back even faster, which is keeping the market deep in seller\u2019s territory. So even though price drops are becoming more common, most homes are still selling above asking price and in record time.\u201d<\/p>\n

Leading indicators of homebuying activity:<\/h4>\n