Redfin

Home prices, sales volumes, interest rates are expected to drop next year, researchers at the company forecasted.

Redfin Corp. is shuttering its iBuying business and laying off workers for the second time in almost five months, as the likelihood of a prolonged U.S. housing slowdown continues to ripple through the industry.

Activity is coming in at or below 2020 levels according to reports from the Mortgage Bankers Association and Redfin.

In a reversal of 2021 trends, inventory is increasing and price reductions are occurring across cost levels, though less often among the least expensive homes, according to reports from Zillow and Redfin.

Approximately 8% of listings on the market each week are getting a price cut, while the share of offers facing bidding wars fell below 45% in July, the brokerage's latest report found.

Home sales were down by 17% in June, while inventory increased over 27%, compared to numbers from one year ago, according to Remax.

The slowdown in new single-family construction is one of several headwinds homebuilders find themselves facing this summer.

Several Sun Belt cities popular for relocation over the last two years were among markets with the most reduced listing prices in April.

The real estate franchisor's stock price fell by $16.85 per share since the deal was announced in January, making it a less attractive currency.

More properties on the market are also selling quicker, with almost 60% now receiving accepted offers within two weeks.