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These states had the biggest share of sellers dropping home prices

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CENTENNIAL, CO. - (Photo by Steve Nehf / The Denver Post) A significant number of sellers around the U.S. are cutting prices as high mortgage rates and fears of a potential recession keep many prospective buyers at bay.

A recent report by Redfin indicated over 25% of home sellers in three-quarters of metros tracked by the brokerage nationwide dropped their asking prices in June.

In some areas, more than 60% of sellers dropped their prices which, according to the report, has "become a common feature of the cooling housing market, particularly in places that were popular with homebuyers earlier in the pandemic." A "For Sale by Owner" sign is posted in front of property in Monterey Park, California on April 29, 2020. (Photo by FREDERIC J.

BROWN/AFP via Getty Images) Thirty-year mortgage rates are much higher than they were earlier in the year, which "has really eaten into homebuyer budgets," Redfin Chief Economist Daryl Fairweather told FOX Business.

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