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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.
Redfin reported that competition is easing in the housing market as mortgage rates and prices hit a tipping point.
Redfin says a record-high share of home sellers dropped their prices after this month’s historic mortgage-rate hike.
People say they want to live in places where they agree with the social laws.
