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TOL - Rapid rise in mortgage rates weigh on homebuyer activity
Toll Brothers Inc.
The steep rise in mortgage rates to 5.7% from 2.98% a year earlier, has hampered housing affordability, Redfin notes that the median asking price of newly-listed homes for sale retreated 1.5% from the all-time high in the spring, and a record-high share of sellers dropped their asking price during the four-week period ending June 26.
The median asking price of newly listed homes increased 15% Y/Y to $405,547 while median home sale price was up 14% Y/Y.