Often times the desire to move isn’t about upsizing – or downsizing – or better schools or walking access to restaurants or gyms, it is borne of necessity. Events such a new job, marriage or divorce, or any number of life events require a move. So, with mortgage rates near 7%, a glut of inventory on the market, how to sellers react? Well, 20.8% of sellers with listings react by cutting prices.
This means that homes priced on what the market was as recently as one year ago are often adjusted. Analysts point out, however, that the current housing market is more driven by mortgage rates than listing prices. Meanwhile, delistings – pulling a home off the market – remained steady at 5.6%.