'It’s a remarkably uncertain time': Redfin CEO warns of rapidly cooling housing market — including the cancellation of deals under contract

After a stellar two-year run, the housing market is sputtering as buyers pull back sharply. One real-estate chief said the market is indeed course correcting, and it’s getting hard to make a deal as more contracts falling through.

Since then, the housing market has since recovered somewhat, he noted, but “we still will have, even for the deals that are under contract, a very high cancellation rate.” To find a match quickly, sellers are pricing their homes more aggressively, with the median asking price of newly listed homes falling 5% from the record high set in May.

— Douglas C. Yearley, Toll Brothers On a third-quarter earnings call on Wednesday, Toll Brothers TOL Chairman and CEO Douglas C. Yearley said that company has “started to modestly increase incentives” in recent weeks, with the average incentive in August being about $30,000 for a $1.1 million home.

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'It’s a remarkably uncertain time': Redfin CEO warns of rapidly cooling housing market — says deals under contract are being cancelledThe housing market is sputtering as buyers pull back sharply. After the Federal Reserve hiked interest rates, “demand fell sharply in May and June … buyers were absolutely freaked out,” Redfin CEO Glenn Kelman told MarketWatch in an interview. We are just getting started… so far, the fools I know that have sold when they did not have to are losing a fortune in their sale, plus they are going to be hit with huge income tax and capital gains taxes...
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