Reprint from an Inman News article;
'Sellers are starting to freak out:' Redfin CEO sees market slowdown;
During his latest CNBC appearance, Redfin CEO Glenn Kelman said rising mortgage rates, softening home price growth and changing buyer attitudes are all signs of an impending shift.
Redfin CEO Glenn Kelman has read the tea leaves, and according to him, the tides may finally be turning in homebuyers’ favor after two years of record-shattering home price growth.
“We’re also seeing affordable second-home markets like the area in Sarasota, Florida, really taking a step back on prices,” he added. “So that’s where the price reductions are most common.”
Instead of engaging in bidding wars, Kelman said, homebuyers are simply setting their sights on other markets that have more affordable housing.
Weekly Market Update
The Week of June 11th-Notice more price reductions. Lots of new listings coming on the market. Now's the time before the market is flooded.
6/16/22 320 Active 168 Non-preconstruction Pendings
Solds last 30 days 100% of list price Pendings; DOM Median 7 Ave 34
Price Decrease (54)
Price Increase (3)
New Listing (80)
Back On Market (5)
Pending (34)
Sold (40)
Withdrawn (9)
Expired (2)