1325 ET - High mortgage rates, rising to 7.04% in January compared with mid-6% last year, are impacting buyers more than sellers, Zillow says. Home values, up 44% since pre-pandemic and 2.6% year-over- year, make affordability tough, with pending sales down 3.6%. Buyers face challenges, but many listings see price cuts. Sellers, less affected by rates, are listing more, with new listings up 12% year over year, driven by equity gains and life events like job changes or family growth. Western markets like Portland, Seattle, Denver, and San Francisco are seeing the fastest listing growth. Despite buyer struggles, 25% of homes sold in December exceeded asking price, up from 19% pre-pandemic, showing some sellers still benefit in this market. (chris.wack@wsj.com)
(END) Dow Jones Newswires
February 12, 2025 13:25 ET (18:25 GMT)
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