are among the top states with local markets to see the nation's largest year-over-year home price declines.for those who bought in 2021. The total number of homes for sale is down 19%, the biggest drop in a year and a half, according to Redfin. As for new listings, they're down 21%.
Nationally, the median home for-sale price was up 3.2% year over year in July, the biggest increase since November, Redfin reported. "Home prices are increasing because of the mismatch between supply and demand. High mortgage rates have pushed many would-be sellers out of the market, with homeowners hanging onto their relatively low rates," Redfin analysts wrote.
Interestingly, even though high rates are deterring potential buyers, sellers have been chilled far more. Redfin's Homebuyer Demand Index — which measures early-stage demand through requests for tours and other services from Redfin real estate agents — is down only 4% year over year. Keep in mind, those are national figures. The U.S. housing market is continuing to undergo a divided real estate correction, with prices rising in the East, while prices are down in many areas in the West.
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