'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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