Home prices fell for the first time in six months, according to real estate platform Redfin.
The share of home sellers who have cut prices rose for the first time in more than a year at a time when buyers are lukewarm about purchasing houses and the cost of borrowing for a home is elevated.About 6.4 percent of sellers decided to lower the price of their properties during the four weeks ending May 26, the highest level since November 2022, according to real estate platform Redfin. The median asking price for a typical home on the market dropped by $3,000 to about $417,000.
'Following several weeks of decline, mortgage rates changed course this week,' Sam Khater, Freddie Mac's chief economist, said on Thursday. 'More hawkish commentary about inflation and tepid demand for longer-dated Treasury auctions caused market yields to rise across the board.
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