Redfin predicts sharpest turn in housing market since 2008 crash
(FOX BUSINESS) – If you're looking to buy a home soon, you're in luck. After two years of record high sales, data shows the housing market is starting to cool down, but there is a catch.
For the first time since March 2021, the average home is selling for less than its list price, but high mortgage rates are still impacting what people can afford. Mortgage rates are the highest they've been in 14 years, reaching nearly 6%, according to the real estate company Redfin.
"This is the sharpest turn in the housing market since the housing market crash in 2008," said Daryl Fairweather, Redfin's Chief Economist.
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