Homeowners in markets that boomed when the real estate sector was red-hot during the COVID-19 pandemic are now forced to slash prices due to dwindling demand, according to data released Monday by Redfin.
Across the US, 21% of home sellers dropped their asking prices in July – the highest share since Redfin began tracking the metric in 2012, according to the firm. The shares of homes with price drops in July compared to one year ago increased in 94 of 97 metro areas surveyed.
The trend was at its worst in “pandemic home-buying boomtowns” such as Boise, Idaho, where a whopping 69.7% of homes for sale slashed listing prices in July. Other overheated markets included Denver, with a 58% of price drops, and Salt Lake City, with a 54.8% share of cuts.
ALL on Biden !!!
Slapped-up development homes were overpriced and inefficient, to begin with. Basically barns with porches and landscaping.
Not here on the island. Still going strong, but it will hit and then more from Jersey and New York can buy up more at Sunset Island just like after the crash in 2008.
Whooopie