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Home Sellers Are Slashing Prices in Sudden Halt to Pandemic Boom

The rapid rise in mortgage rates is cooling demand, jolting markets from coast to coast.

Rows of homes in Las Vegas, Nevada.

Rows of homes in Las Vegas, Nevada.

Photographer: Jacob Kepler/Bloomberg

The turn in the US housing market has been sharp and swift. Just ask Karlyn and Jack Stenhjem, would-be downsizers who dropped the asking price for their home near Seattle by almost $100,000 since May.

The brick Everett, Washington, house, with private access to lakes and trails, is now available for $899,000, a price that makes Karlyn Stenhjem “cringe.”