Real Estate

Rising mortgage rates cause more home sellers to lower asking prices

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Several new reports from real estate companies suggest buyers may be starting to get a break in this red-hot housing market. More listings are coming up for sale, and some sellers are lowering their asking prices. 

The number of new listings last week jumped 8% from a year ago, according to Realtor.com. This follows four straight weeks of annual declines in new listings. The total amount of active inventory for sale is still down 13% from a year ago, but it may be on track, given the rise in new listings, to surpass year-ago levels by this summer. New listings tend to peak in May.

Prices, however, are still well above year-ago levels. Higher mortgage rates are also making houses less…



Source cnbc.com

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