Rising mortgage rates have pushed many buyers out of the market, hurting home prices in some cities.
Redfin's data lands just as the nation is gearing up for the spring homebuying season. Mortgage rates have nearly from a year ago, growing to 6.5% this month compared to 3.5% a year ago. The median home sale price grew to $383,249 in January, up 1.5% from a year ago, Redfin said.
Realtors said they expect 2023 to look markedly different from what buyers experienced last year when median home prices Buyers these days have grown accustomed to the higher interest rates and sellers are starting to lower their prices, Wall Street Journal reporter Veronica Dagher told CBS News. "Sellers are realizing that, hey, maybe my neighbor got a certain price a year ago I might not get that same price," Dagher said.
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