Home prices are at a high, rising 5% year over year. The deceleration in growth, however, may reverse with falling mortgage rates.
Despite reaching record highs, home price growth now shows a slower pace. In July, the growth rate was the lowest of 2024.
The unusual market dynamics challenge conventional wisdom; generally, lower mortgage rates lead to increased home prices, which isn't currently evident.
Sales are struggling, with existing home sales down 2.5% from July and 4.2% year over year, reflecting stagnation in the housing market.
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