We’re also seeing supply constrict though at least in my local market - people are staying put because unless they’re throwing up a cash offer, they would also be jumping into 7.5%+ rates. This is exacerbated in markets where secondary homes abound but does present a good buying opportunity if you can afford a year or two of pain before refinancing. A year or two ago anyone looking to finance a purchase was beaten by cash offers.

This is the best summary I could come up with:

Average U.S. existing home prices are up by nearly 6% year-to-date and 2.6% year-over-year, which is “well above the median full calendar year increase” in more than three decades of data, according to Case-Shiller.

Even with limited existing home inventory, a record number of them dropped the prices on their listings in October, according to a new Redfin report.

High rates have forced some sellers to cut prices to make up for the added expense buyers have to come up with on monthly mortgage payments, according to Redfin.

That’s led to a stunning 15% year-over-year drop in existing-home sales activity in September—a “deep freeze” that Zillow warned of back in May.

“Qualifying incomes average 80% higher than they were before the pandemic began, and monthly payments are composing a larger share of take-home pay,” Walsh says.

While the housing supply in New York City ticked up slightly during the last week of October, there are fewer deals happening, she tells Fortune, which is why she expects price cuts through the winter.

The original article contains 858 words, the summary contains 171 words. Saved 80%. I’m a bot and I’m open source!