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September 12, 2022

As housing market cools, homebuyers regain leverage

  • More homes are selling for less than asking price, making the market a little less skewed in favor of sellers.
  • By ALEX VEIGA
    AP Business Writer

    LOS ANGELES — Years of soaring home prices and sharply higher mortgage rates remain hurdles for many would-be homebuyers, but new data shows that they're regaining some leverage at the negotiating table as the housing market slows.

    An analysis of home sales data by Redfin shows that, on average, U.S. homes purchased during a four-week period in August sold for less than what sellers were asking. That hasn't happened since at least March 2021, according to the real estate brokerage.


     
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