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Redfin says the pool of homebuyers is dwindling as mortgage rates reach a record high.
Spiking borrowing costs and home prices prompted real estate investors to lose steam, especially for high- and mid-priced homes.
Downturn in housing industry cited; Compass also winding down Modus Technologies Inc.
Declining budgets are a leading indicator that home price growth has passed its peak and will slow in the coming months.
Listings hit the smallest year-over-year decline, indicating a decline in homebuyer demand.
Soaring interest rates, a tepid stock market, rising inflation, and economic uncertainty have put a damper on demand.
