While a slight increase in new listings offers potential buyers more housing inventory to choose from, Redfin has found that many are backing out of the market, as mortgage rates sit near levels last seen two decades ago.
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During a period of the year where home sales traditionally increase moving into the peak summer season, April sales declined more than 7%.
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With fewer homes selling than usual this spring, new listings remain sparse, according to a new report from Redfin, resulting in homes being snatched off the market sooner as homebuyers are left with limited options to choose from.
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