Home prices are plummeting at the fastest pace in more than a year. 6.4% of sellers have cut prices, the highest percentage since November 2022.
The median US home price dropped by $3,000 to $416,623, the first decline this year. Despite the dip, prices are up by around 4% year-over-year.
Experts warn of a cooling housing market due to record-high mortgage rates. Pending home sales are down 3% and new listings have increased by 7.8%.
Real estate experts predict home prices will become more affordable as inventory increases, offering relief from the previous sky-high prices.
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