Source: Fortune
Redfin's data shows sellers are cutting prices at near-record rates for this season, a reversal of pandemic-era dynamics when inventory scarcity gave sellers total leverage. Buyer power is returning to the market, though unevenly: mortgage rates holding at 7% are still pricing out millions of potential buyers, shrinking the total addressable pool. Affordability, not supply-demand balance alone, is now the primary constraint on housing transactions.