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Sellers are now willing to accept lower down payments in a bid to offload their homes.
A “For Sale” sign is posted in front of a home in San Anselmo, Calif., on March 22, 2023. Justin Sullivan/Getty Images
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The typical down payment made by U.S. homebuyers fell 1 percent year-over-year to $62,468 in April, the first annual decline in almost two years, real estate brokerage Redfin said in a June 16 statement.
“The last time dollar-amount down payments fell year over year was in summer 2023, when home-sale prices were falling. At that time, the decline in home prices was the main reason down payments were falling: when prices are lower, the percentage buyers put down is lower,” the company said.
