Increased rates and decreased demand has home sellers cutting prices
WTVR-TV (Richmond, VA)
Data from a recent Redfin report shows record levels of price cuts in the U.S. real estate market as the Federal Reserve continues to hike its policy interest rate to stymie persistent red-hot inflation.
Data shows that 7.9% of home sales listed for sale had prices cut, making it a record high, reports say.
The nearly 8% of homes with prices cut is compared to around 4% at the same time last year.