- Home prices will fall this summer as owners cave to selling pressure, according to Redfin’s CEO.
- The real estate brokerage is anticipating a 1% price drop by the end of the year.
- Homes in Florida and Texas are already beginning to see “major price cuts,” the firm said.
House prices will drop this summer as homeowners trying to wait out high mortgage rates are realizing they can’t postpone moving any longer, according to Redfin CEO Glenn Kelman.
The chief executive of the online real estate brokerage pointed to signs that the housing market is starting to get more affordable.
Homes in key metros, like Florida and Texas, are already seeing “major price cuts,” Kelman said. Meanwhile, over 6% of US home sellers issued a price cut in May, the largest proportion recorded in over a year, Redfin found in a recent report.