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Though real estate prices remain higher than ever, recent data published by the brokerage company Redfin shows a rapid decline in the average listing price. An analysis of sale listings between mid May and June 16 showed that 22.4% of sellers reduced their asking price. According to Redfin, this is “a record high as far back as the data goes, through the beginning of 2015.”

During the same time period, a number of other noteworthy trends were observed:

  • Mortgage rates rose to 5.78%, the highest level since 2008.
  • Monthly mortgage payments are unprecedently high–increasing from an average of $1,692 to $2,514 in just this past year.
  • Redfin’s “Homebuyer Demand Index” recorded a 14% (year-over-year) decline.
  • Mortgage applications have dropped 16% since this time last year.
  • Homes are spending a little more time on the market, with the median time between listing and sale being 16 day.

Economist Taylor Marr noted,

The housing market isn’t crashing, but it is experiencing a hangover as it comes down from an unsustainable high. Housing demand has already cooled significantly to the point that the industry has begun facing layoffs. This week’s rate hikes will further stretch homebuyers’ budgets to the point that many more may be priced out. While a lot of home sellers are already dropping their prices, more homeowners will likely decide to stay put now that the mortgage rate on a new home is significantly higher than their current one.