{"id":74929,"date":"2022-08-25T09:44:46","date_gmt":"2022-08-25T16:44:46","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=74929"},"modified":"2022-10-26T13:01:49","modified_gmt":"2022-10-26T20:01:49","slug":"housing-market-update-sellers-retreat-new-listings-drop","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-sellers-retreat-new-listings-drop\/","title":{"rendered":"Housing Market Update: More Sellers Retreat Amid Falling Prices, Volatile Mortgage Rates"},"content":{"rendered":"<p><i><span style=\"font-weight: 300;\">Would-be sellers are reluctant to list their homes as they have begun to see prices come down. With few new listings, buyers\u2019 newfound bargaining power is reaching its limit, especially now that demand has stabilized. And homeowners who are choosing to list are increasingly pricing to meet buyers where they are.<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">New listings of homes for sale fell 15% in the four weeks ending August 21, the biggest annual decline since the start of the pandemic, as there were fewer sellers and buyers in the market due to rising mortgage rates and economic uncertainty.\u00a0 <\/span><span style=\"font-weight: 400;\">As a result, the supply of for-sale homes fell 0.6% from the previous four-week period. Though that\u2019s a slight decline, it\u2019s only the second time total supply has dropped from the prior four-week period since February; the first time was last week. The dearth of homeowners putting their homes up for sale is partly a reaction to reduced demand and falling prices.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Those who are listing their homes are starting to price in line with lower demand. The median asking price of newly listed homes dropped 5% from the record high set in May, and <\/span><i><span style=\"font-weight: 400;\">sale <\/span><\/i><span style=\"font-weight: 400;\">prices dropped 6% from the record high set in June. The share of for-sale homes with a price drop leveled off after rising throughout the spring and early summer.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8220;Sellers are coming to terms with the fact that volatile mortgage rates have dampened demand. Some sellers are pricing lower, and some homeowners are staying put because they&#8217;re nervous they won\u2019t get a good offer or they&#8217;re hesitant to give up their low mortgage rate,&#8221; said <\/span><span style=\"font-weight: 400;\">Redfin Economics Research Lead Chen Zhao<\/span><span style=\"font-weight: 400;\">. &#8220;Because the number of homes for sale is no longer rising, buyers\u2019 newfound bargaining power is reaching its limit. It\u2019s worth noting that early demand indicators such as tours and requests for help from agents are elevated from their June lows and remain steady. So there is a pool of interested buyers out there, but sellers need to price fairly to attract them. If more sellers and buyers find that middle ground on price, we could see sales strengthen a bit.\u201d\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Leading indicators of homebuying activity:<\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">For the week ending August 25, <\/span><a href=\"http:\/\/www.freddiemac.com\/pmms\/\"><span style=\"font-weight: 400;\">30-year mortgage rates rose to 5.55%<\/span><\/a><span style=\"font-weight: 400;\">. That\u2019s down from a 2022 high of 5.81% but up from 3.22% at the start of the year.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Fewer people <\/span><a href=\"https:\/\/trends.google.com\/trends\/explore?date=2021-01-01%202022-08-21&amp;q=homes%20for%20sale#cmpt=q\"><span style=\"font-weight: 400;\">searched for \u201chomes for sale\u201d on Google<\/span><\/a><span style=\"font-weight: 400;\">. Searches during the week ending August 20 were down 16% from a year earlier, but up 12% from late May.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The seasonally adjusted Redfin Homebuyer Demand Index\u2014a measure of requests for home tours and other home-buying services from Redfin agents\u2014was down 12% year over year during the week ending August 21. But it was up 18% from the 2022 low in June.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Touring activity as of August 21 was down 6% from the start of the year, compared to a 12% increase at the same time last year, <\/span><a href=\"https:\/\/www.showingtime.com\/impact-of-coronavirus\/\"><span style=\"font-weight: 400;\">according to home tour technology company ShowingTime<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Mortgage purchase applications were down 21% from a year earlier during the week ending August 19, while the seasonally adjusted index <\/span><a href=\"https:\/\/www.mba.org\/news-and-research\/newsroom\/news\/2022\/08\/24\/mortgage-applications-decrease-in-latest-mba-weekly-survey\"><span style=\"font-weight: 400;\">was down 1% week over week<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Key housing market takeaways for 400+ U.S. metro areas:<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Unless otherwise noted, the data in this report covers the <\/span><b>four-week period ending August 21<\/b><span style=\"font-weight: 400;\">. Redfin\u2019s weekly housing market data goes back through 2015.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Data based on homes listed and\/or sold during the period:<\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The median home sale price was $371,125, up 6% year over year. Prices have declined 6% from the record high of $394,775 hit during the four-week period ending June 19. A year ago, they rose 0.6% during the same period.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Only two metro areas saw a year-over-year decline in their median home-sale price, both in the Bay Area: Oakland, CA, where prices fell 0.5% to $937,500, and San Francisco, where prices were down 3.9% to $1,453,750.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The median asking price of newly listed homes increased 10% year over year to $382,475. Asking prices are down 5% from the all-time high set during the four-week period ending May 22. Last year during the same period they were down just 0.4%.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The monthly mortgage payment on the median asking price home was $2,305 at the current 5.55% mortgage rate, up 38% from $1,665 a year earlier, when mortgage rates were 2.87%. That\u2019s down from the peak of $2,461 reached during the four weeks ending June 12.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Pending home sales were down 17% year over year.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">New listings of homes for sale were down 15% from a year earlier, the largest decline since May 2020.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Active listings (the number of homes listed for sale at any point during the period) fell 0.6% from the prior four-week period, the biggest decline since January 2022. On a year-over-year basis, they rose 4.3%.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">36% of homes that went under contract had an accepted offer within the first two weeks on the market, little changed from the prior four-week period but down from 43% a year earlier.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">24% of homes that went under contract had an accepted offer within one week of hitting the market, little changed from the prior four-week period but down from 30% a year earlier.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Homes that sold were on the market for a median of 25 days, up from 21 days a year earlier and the record low of 17 days set in May and early June.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">38% of homes sold above list price, down from 50% a year earlier.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">On average, 7.7% of homes for sale each week had a price drop, a record high but unchanged from the prior four-week period.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, declined to 100.0% from 101.5% a year earlier. In other words, the average home sold at its asking price.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Refer to our <\/span><a href=\"https:\/\/www.redfin.com\/news\/data-center-metrics-definitions\/\"><span style=\"font-weight: 400;\">metrics definition page<\/span><\/a><span style=\"font-weight: 400;\"> for explanations of all the metrics used in this report.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-74930 size-large\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-sale-price-1024x768.png\" alt=\"\" width=\"1024\" height=\"768\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-sale-price-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-sale-price-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-sale-price-768x576.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-sale-price.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-74931 size-large\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/asking-price-weekly-report-1024x768.png\" alt=\"\" width=\"1024\" height=\"768\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/asking-price-weekly-report-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/asking-price-weekly-report-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/asking-price-weekly-report-768x576.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/asking-price-weekly-report.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-74932 size-large\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-mortgage-payments-1024x768.png\" alt=\"\" width=\"1024\" height=\"768\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-mortgage-payments-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-mortgage-payments-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-mortgage-payments-768x576.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-mortgage-payments.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-74933 size-large\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-sales-1024x768.png\" alt=\"\" width=\"1024\" height=\"768\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-sales-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-sales-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-sales-768x576.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-sales.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-74934 size-large\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-new-listings-1024x768.png\" alt=\"\" width=\"1024\" height=\"768\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-new-listings-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-new-listings-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-new-listings-768x576.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-new-listings.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-74935 size-large\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-active-listings-1024x768.png\" alt=\"\" width=\"1024\" height=\"768\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-active-listings-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-active-listings-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-active-listings-768x576.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-active-listings.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-74936 size-large\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/active-listings-two-weeks-1024x768.png\" alt=\"\" width=\"1024\" height=\"768\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/active-listings-two-weeks-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/active-listings-two-weeks-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/active-listings-two-weeks-768x576.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/active-listings-two-weeks.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-74937 size-large\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-one-week-1024x768.png\" alt=\"\" width=\"1024\" height=\"768\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-one-week-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-one-week-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-one-week-768x576.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-one-week.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-74938 size-large\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-days-on-market-1024x768.png\" alt=\"\" width=\"1024\" height=\"768\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-days-on-market-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-days-on-market-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-days-on-market-768x576.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-days-on-market.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-74939 size-large\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-sold-above-list-1024x768.png\" alt=\"\" width=\"1024\" height=\"768\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-sold-above-list-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-sold-above-list-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-sold-above-list-768x576.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-sold-above-list.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-74940 size-large\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-price-drops-1024x768.png\" alt=\"\" width=\"1024\" height=\"768\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-price-drops-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-price-drops-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-price-drops-768x576.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-price-drops.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/2022-08-21_12-sale-to-list_updated.png\" alt=\"\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-74946\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/2022-08-21_12-sale-to-list_updated.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/2022-08-21_12-sale-to-list_updated-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/2022-08-21_12-sale-to-list_updated-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/2022-08-21_12-sale-to-list_updated-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-74942 size-large\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-demand-index-1024x768.png\" alt=\"\" width=\"1024\" height=\"768\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-demand-index-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-demand-index-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-demand-index-768x576.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/08\/weekly-report-demand-index.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Would-be sellers are reluctant to list their homes as they have begun to see prices come down. With few new listings, buyers\u2019 newfound bargaining power is reaching its limit, especially now that demand has stabilized. And homeowners who are choosing to list are increasingly pricing to meet buyers where they are. New listings of homes [&hellip;]<\/p>\n","protected":false},"author":13153,"featured_media":74943,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8,615],"tags":[32],"dashboard":[],"coauthors":[124],"class_list":["post-74929","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","category-weekly-market-update","tag-housing-market-tracker"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.6) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Housing Market Update: More Sellers Retreat Amid Falling Prices, Volatile Mortgage Rates<\/title>\n<meta name=\"description\" content=\"Would-be sellers are reluctant to list their homes as they have begun to see prices come down. With few new listings, buyers\u2019 newfound bargaining power is reaching its limit, especially now that demand has stabilized. And homeowners who are choosing to list are increasingly pricing to meet buyers where they are.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/news\/housing-market-update-sellers-retreat-new-listings-drop\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Housing Market Update: More Sellers Retreat Amid Falling Prices, Volatile Mortgage Rates\" \/>\n<meta property=\"og:description\" content=\"Would-be sellers are reluctant to list their homes as they have begun to see prices come down. With few new listings, buyers\u2019 newfound bargaining power is reaching its limit, especially now that demand has stabilized. 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