Rising Rates, Prices May be Scaring Off Some Buyers

August 14, 2013

Buyer demand is showing signs of softening in the housing market since peaking in April, according to a new report by real estate brokerage, Redfin. 

July showings were down 3.5 percent from June, according to the report. Still, showings were up 3.1 percent compared to year ago levels. 

With more homes for sale, buyers likely are deterred by rising interest rates and rising home prices, according to the report. The rising rates and prices may be “pricing some buyers out of the market,” the report notes. “Home buyer fatigue after months of intense competition over historically low inventory” also may have played a role. 

Source: Redfin

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