Boise had the most sellers drop their asking prices. Denver and Salt Lake City were next as fears of inflation and recession rise.
Consumer prices soared 9.1% compared with a year earlier, the government said, the biggest yearly increase since 1981, and up from an 8.6% jump in May. On a monthly basis, prices rose 1.3% from May to June, another substantial increase, after prices had jumped 1% from April to May.and fears of a potential recession keep many prospective buyers at bay.
A recent report by Redfin indicated over 25% of home sellers in three-quarters of metros tracked by the brokerage nationwide dropped their asking prices in June. In some areas, more than 60% of sellers dropped their prices which, according to the report, has "become a common feature of the cooling housing market, particularly in places that were popular with homebuyers earlier in the pandemic." Thirty-year mortgage rates are much higher than they were earlier in the year, which "has really eaten into homebuyer budgets," Redfin Chief Economist Daryl Fairweather told FOX Business.
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