{"id":75223,"date":"2022-10-13T10:27:08","date_gmt":"2022-10-13T17:27:08","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=75223"},"modified":"2022-10-26T13:01:43","modified_gmt":"2022-10-26T20:01:43","slug":"housing-market-update-sales-new-listings-decline-slowdown","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-sales-new-listings-decline-slowdown\/","title":{"rendered":"Housing Market Update: Economic Woes Exacerbate Slowdown as Rates Reach 20-Year High"},"content":{"rendered":"<p><i><span style=\"font-weight: 400;\">Housing-market activity is plunging further this fall than it did over the summer as mortgage rates near 7% and the topsy-turvy economy deters would-be buyers and sellers. Price drops have reached a record high, and home sales and new listings are dropping.<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">The housing market is taking a second hit this month as increasing economic volatility and persistent inflation pile on top of 6.5%-plus mortgage rates to further deter would-be homebuyers and sellers. Pending home sales and new listings both posted even bigger annual declines than we saw throughout the summer when buyers and sellers initially reacted to <\/span><a href=\"https:\/\/www.freddiemac.com\/pmms\"><span style=\"font-weight: 400;\">rapidly rising<\/span><\/a><span style=\"font-weight: 400;\"> rates. Data on sale prices, which typically lags a couple months behind other demand indicators, is also weaker than it was over the summer when the pandemic homebuying boom ended. The share of home listings with a price drop rose to its highest level on record, and the portion of homes sold above final list price dropped to its lowest rate since the early days of the pandemic.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cProspective homebuyers and sellers barely had time to get used to 5.5% mortgage rates over the summer before they rose to nearly 7% this month,\u201d\u00a0 said Redfin Deputy Chief Economist <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/taylormarr\/\"><span style=\"font-weight: 400;\">Taylor Marr<\/span><\/a><span style=\"font-weight: 400;\">. \u201cThe second sharp rate increase this year, together with nerves about inflation and the <\/span><a href=\"https:\/\/www.wsj.com\/articles\/feds-inflation-fight-has-some-economists-fearing-an-unnecessarily-deep-downturn-11665197755\"><span style=\"font-weight: 400;\">direction<\/span><\/a><span style=\"font-weight: 400;\"> of the economy,\u00a0 is dragging home-sale activity down further than it was over the summer and pushing homebuyer sentiment <\/span><a href=\"https:\/\/www.fanniemae.com\/research-and-insights\/surveys-indices\/national-housing-survey\"><span style=\"font-weight: 400;\">down<\/span><\/a><span style=\"font-weight: 400;\"> near its all-time low. The combination is also unnerving for homeowners who don\u2019t want to list their home when demand is weak or <\/span><a href=\"https:\/\/www.redfin.com\/news\/homeowners-locked-into-low-mortgage-rates\/\"><span style=\"font-weight: 400;\">give up<\/span><\/a><span style=\"font-weight: 400;\"> their own low mortgage rate.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Demand has increased slightly from last week, as <\/span><a href=\"https:\/\/en.wikipedia.org\/wiki\/Hurricane_Ian\"><span style=\"font-weight: 400;\">Hurricane Ian<\/span><\/a><span style=\"font-weight: 400;\"> was an additional deterrent to some homebuyers and sellers at the end of September.<\/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;\">Fewer people <\/span><a href=\"https:\/\/trends.google.com\/trends\/explore?date=2021-01-01%202022-09-25&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 October 8 were down 35% from a year earlier, dropping to a level on par with March 2020.\u00a0<\/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 25% year over year, but up slightly from the prior four-week period.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Touring activity as of October 9 was down 23% from the start of the year, compared to a 9%<\/span><i><span style=\"font-weight: 400;\"> increase<\/span><\/i><span style=\"font-weight: 400;\"> 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 <\/span><a href=\"https:\/\/www.mba.org\/news-and-research\/newsroom\/news\/2022\/10\/12\/mortgage-applications-decrease-in-latest-mba-weekly-survey\"><span style=\"font-weight: 400;\">down 2%<\/span><\/a><span style=\"font-weight: 400;\"> week over week, seasonally adjusted, and were down 39% from a year earlier during the week ending October 7.<\/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 October 9<\/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 $367,621, up 7% year over year. Prices were essentially unchanged from the previous four-week period.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Home-sale prices fell 3% year over year in Oakland, CA and 2% in neighboring San Francisco. New Orleans (-2%) was the only other metro area with a year-over-year sale-price decline.<\/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 9% year over year to $379,725. That\u2019s a 1% decrease from the previous four-week period.<\/span><\/li>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">The monthly mortgage payment on the median asking price home climbed to a record high of $2,559 at the current 6.92% mortgage rate. That\u2019s up 51% from $1,698 a year earlier, when mortgage rates were 3.05% and up from a recent low of $2,210 during the four-week period ending August 14.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Pending home sales were down 28% year over year, the largest decline since May 2020.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">New listings of homes for sale fell roughly 2% from the previous four-week period, and they were down 19% from a year earlier.<\/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 1% from the prior four-week period. On a year-over-year basis, they rose 3%.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Months of supply\u2014a measure of the balance between supply and demand, calculated by dividing the number of active listings by closed sales\u2014was 2.9 months, near the highest level since July 2020.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">35% of homes that went under contract had an accepted offer within the first two weeks on the market, up slightly from the prior four-week period but down from 40% 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, up slightly from the prior four-week period but down from 28% 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 33 days, up more than a full week from 25 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;\">30% of homes sold above list price, down from 45% a year earlier and the lowest level since August 2020.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">On average, a record high 7.9% of homes for sale each week had a price drop, up from 4% a year earlier.<\/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, fell to 99%, the lowest level since August 2020 and down from 100.6% a year ago.<\/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-75224 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/median-sale-price-1012.png\" alt=\"\" width=\"1075\" height=\"800\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/median-sale-price-1012.png 1075w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/median-sale-price-1012-300x223.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/median-sale-price-1012-1024x762.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/median-sale-price-1012-768x572.png 768w\" sizes=\"(max-width: 1075px) 100vw, 1075px\" \/><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-75225 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/median-asking-price-1012.png\" alt=\"\" width=\"1076\" height=\"801\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/median-asking-price-1012.png 1076w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/median-asking-price-1012-300x223.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/median-asking-price-1012-1024x762.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/median-asking-price-1012-768x572.png 768w\" sizes=\"(max-width: 1076px) 100vw, 1076px\" \/><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-75242 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/mortgage-payments-1013.png\" alt=\"\" width=\"1074\" height=\"801\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/mortgage-payments-1013.png 1074w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/mortgage-payments-1013-300x224.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/mortgage-payments-1013-1024x764.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/mortgage-payments-1013-768x573.png 768w\" sizes=\"(max-width: 1074px) 100vw, 1074px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-75226 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/pending-sales-1012.png\" alt=\"\" width=\"1076\" height=\"800\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/pending-sales-1012.png 1076w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/pending-sales-1012-300x223.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/pending-sales-1012-1024x761.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/pending-sales-1012-768x571.png 768w\" sizes=\"(max-width: 1076px) 100vw, 1076px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-75227 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/new-listings-1012.png\" alt=\"\" width=\"1077\" height=\"803\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/new-listings-1012.png 1077w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/new-listings-1012-300x224.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/new-listings-1012-1024x763.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/new-listings-1012-768x573.png 768w\" sizes=\"(max-width: 1077px) 100vw, 1077px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-75228 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/active-listings-1012.png\" alt=\"\" width=\"1076\" height=\"797\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/active-listings-1012.png 1076w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/active-listings-1012-300x222.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/active-listings-1012-1024x758.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/active-listings-1012-768x569.png 768w\" sizes=\"(max-width: 1076px) 100vw, 1076px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-75229 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/mos-1012.png\" alt=\"\" width=\"1078\" height=\"800\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/mos-1012.png 1078w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/mos-1012-300x223.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/mos-1012-1024x760.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/mos-1012-768x570.png 768w\" sizes=\"(max-width: 1078px) 100vw, 1078px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-75230 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/two-weeks-1012.png\" alt=\"\" width=\"1072\" height=\"800\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/two-weeks-1012.png 1072w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/two-weeks-1012-300x224.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/two-weeks-1012-1024x764.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/two-weeks-1012-768x573.png 768w\" sizes=\"(max-width: 1072px) 100vw, 1072px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-75231 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/one-week-1010.png\" alt=\"\" width=\"1077\" height=\"799\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/one-week-1010.png 1077w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/one-week-1010-300x223.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/one-week-1010-1024x760.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/one-week-1010-768x570.png 768w\" sizes=\"(max-width: 1077px) 100vw, 1077px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-75232 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/DOM-1010.png\" alt=\"\" width=\"1071\" height=\"800\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/DOM-1010.png 1071w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/DOM-1010-300x224.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/DOM-1010-1024x765.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/DOM-1010-768x574.png 768w\" sizes=\"(max-width: 1071px) 100vw, 1071px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-75233 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/sold-above-list-1010.png\" alt=\"\" width=\"1069\" height=\"798\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/sold-above-list-1010.png 1069w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/sold-above-list-1010-300x224.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/sold-above-list-1010-1024x764.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/sold-above-list-1010-768x573.png 768w\" sizes=\"(max-width: 1069px) 100vw, 1069px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-75234 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/price-drops-1012.png\" alt=\"\" width=\"1071\" height=\"798\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/price-drops-1012.png 1071w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/price-drops-1012-300x224.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/price-drops-1012-1024x763.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/price-drops-1012-768x572.png 768w\" sizes=\"(max-width: 1071px) 100vw, 1071px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-75235 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/sale-to-list-1010.png\" alt=\"\" width=\"1072\" height=\"796\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/sale-to-list-1010.png 1072w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/sale-to-list-1010-300x223.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/sale-to-list-1010-1024x760.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/sale-to-list-1010-768x570.png 768w\" sizes=\"(max-width: 1072px) 100vw, 1072px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-75236 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/demand-index-1012.png\" alt=\"\" width=\"1071\" height=\"794\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/demand-index-1012.png 1071w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/demand-index-1012-300x222.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/demand-index-1012-1024x759.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/demand-index-1012-768x569.png 768w\" sizes=\"(max-width: 1071px) 100vw, 1071px\" \/><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Housing-market activity is plunging further this fall than it did over the summer as mortgage rates near 7% and the topsy-turvy economy deters would-be buyers and sellers. Price drops have reached a record high, and home sales and new listings are dropping. The housing market is taking a second hit this month as increasing economic [&hellip;]<\/p>\n","protected":false},"author":13153,"featured_media":75237,"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-75223","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 v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Housing Market Update: Economic Woes Exacerbate Slowdown as Rates Reach 20-Year High<\/title>\n<meta name=\"description\" content=\"Housing-market activity is plunging further this fall than it did over the summer as mortgage rates near 7% and the topsy-turvy economy deters would-be buyers and sellers. Price drops have reached a record high, and home sales and new listings are dropping.\" \/>\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-sales-new-listings-decline-slowdown\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Housing Market Update: Economic Woes Exacerbate Slowdown as Rates Reach 20-Year High\" \/>\n<meta property=\"og:description\" content=\"Housing-market activity is plunging further this fall than it did over the summer as mortgage rates near 7% and the topsy-turvy economy deters would-be buyers and sellers. 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