The rise in mortgage rates is pricing out buyers.
are "becoming increasingly common" in some of the most popular housing markets across the United States.
Although the price drops are becoming more common, they are the result of rising mortgage rates, which is pricing out buyers and driving down demand. "When mortgage rates were at or below 3%, both local and out-of-town homebuyers were more willing and able to tolerate high prices, but at 5%, many are now priced out," Redfin chief economist Daryl Fairweather said in a statement.
Cape Coral, Florida, was not far behind, with 33% of sellers dropping the price of their homes, according to Redfin. In New Orleans and Baton Rouge, Louisiana, 32% and 31% of home sellers, respectively, decreased the price of their home. The data also shows that 30% of home sellers in Sacramento decided to drop their price.
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