37.4% of Homes in Dallas had a price cut in June 2022

Fast rising mortgage rates and economic uncertainty negatively impact home sales and prices mid 2022. Home sellers are contending with a rapidly changing market, especially in places where they're used to their neighbor's homes getting multiple offers and selling for more than asking price. Higher mortgage rates and a potential recession are causing prospective buyers in popular migration destinations to press the pause button, and they're also having a big impact on workers in big job centers who rely on their stock portfolio for down payments.  Sellers are adjusting their expectations in real time as they realize they may not get the price their neighbor got two months ago.

If demand plateaus in the coming months, price cuts are likely to be less common as sellers realize the market has shifted and price realistically from the start. But if demand falls further, sellers will continue to play catch-up and cut prices to attract buyers.

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