Metro Detroit homebuyers finally catch a break

More than 30% of home sellers in metro Detroit dropped their asking price in July, per new data from Redfin.

• That's up from 21% a year ago.

Why it matters: Buyers are starting to gain more leverage as the housing market cools nationwide thanks to rising mortgage rates and growing fears that home values will drop.

Yes, but: The power shift toward buyers is more dramatic in boomtowns out West and in the South.

• More than half of homesellers slashed prices last month in cities like Boise and Denver, where remote workers flocked during the pandemic.

Zoom in: Detroit ranked 60th among the 97 most populous metros in the country in homeseller reductions.

• Grand Rapids (42%) was No. 21.
• Warren (40%) ranked 28th.

💡 Worthy of your time: Are you a renter? Check out Axios' national coverage of the "deeply broken" rental housing market.