Thursday, noting the number of homes for sale has risen as a result of high home prices and the Federal Reserve’s interest rate hikes, which have pushed more buyers to the sidelines.
“The country’s economic woes have already cooled the housing market, and they’re likely to continue dampening demand,” Redfin chief economist Daryl Fairweather said in a statement, noting the abrupt shift has already started impacting sales prices, which fell 0.4% month to month but are still growing at 11.2% on an annual basis.
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