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Redfin Reports Increase in Home Sellers Cutting Asking Prices

 
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Recent data shows a rise in price cuts by home sellers.

description: an anonymous image of a suburban neighborhood with 'for sale' signs displayed in front of several houses, symbolizing the current trend of home sellers cutting asking prices in the real estate market.

More home sellers are cutting their asking price, suggesting sale-price growth could soften in the coming months. But this week, the median... A new Redfin report showed that 6.4% of homes listed for sale during the four-week period ending May 26 included a price cut. This trend indicates a potential shift in the real estate market, with sellers adjusting their expectations to attract buyers.

According to recent statistics, one in six (16.6%) U.S. renters stayed in their homes for 10 years or more in 2022, up from 13.9% a decade earlier. This data suggests a shift towards long-term renting as housing costs continue to rise, making homeownership less accessible for many individuals. U.S. renters are less likely to move than they were a decade ago, as soaring housing costs have priced many out of homeownership.

A Redfin report released this week highlighted the impact of LGBTQ+ protections on housing costs, revealing that homebuyers in states with such laws face significantly higher expenses. This disparity sheds light on the challenges faced by LGBTQ+ individuals in accessing affordable housing in certain areas. Detroit and Rochester were identified as the most affordable metros in states with laws protecting LGBTQ+ people from housing discrimination.

In the stock market, Redfin Co. (NASDAQ: RDFN) has been given a consensus recommendation of “Reduce” by brokerages. This evaluation reflects the current market conditions and investor sentiment towards the company. Charles Schwab Investment Management Inc. recently purchased a significant number of Redfin Co. shares, indicating confidence in the company's performance and potential for growth.

Overall, the real estate landscape is experiencing shifts and challenges that are impacting both buyers and sellers. As the market evolves, it is essential for individuals to stay informed and adapt to changing conditions. Redfin's data and reports provide valuable insights for navigating the complexities of the housing market.

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redfinhome sellersasking pricesprice cutsreal estate marketu.s. renterslgbtq+ protectionshousing costsstock marketinvestor sentimentNASDAQ:RDFN
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