Do you work at Redfin? Claim your profile
The competition rate dipped below 50% in June for the first time since the start of the pandemic.
Popular migration areas such as Phoenix, Atlanta, Tampa, and Miami have the highest inflation rates in the country.
U.S. homes came down 0.7% from its record-breaking peak in June.
Redfin found that a record share of homebuyers are relocating as high prices and mortgage rates make affordable areas more attractive.
High mortgage rates are keeping homebuyers reluctant, leading to declining home sales and a build-up of supply.
Nearly 15% of home purchase agreements fell through in June, hinting that buyers are taking more time to re-negotiate.
