Boise had the highest shared of price drops in 97 markets analyzed by Redfin in July. However, it was far from the only market that saw numerous homeowners slash their asking price.
Overall, more than 15% of home sellers in every major U.S. metro dropped their asking price in July, according to Redfin. Industry economists have warned that increasing number of homeowners have been backing out of the market in part because of elevated mortgage rates taking a bigger bite out of their budgets.Althoughfell 0.09% to 5.13% last week, it's still well above 2.27% which is where the 30-year fixed mortgage rate stood at this time last year, according to mortgage buyer Freddie Mac.
Last month, nearly 60% of homes in Denver, Colorado dropped their asking price. In Salt Lake City, Utah, 56.4% of homes fell in price, according to the data. In Tacoma, Washington just over 54% of homes dropped in asking price.