Home Prices Fall At Record Pace
Summary
U.S. home prices fell at the fastest rate in at least nine years in June, with the national median asking price dropping to $430,000. This decline, along with stable time on the market, suggests more buyers are cautiously returning to the housing market despite still-high mortgage rates.Key Facts
- The median home price in the U.S. fell 2.5% compared to last year, reaching $430,000 in June.
- This was the eighth month in a row that home prices declined nationally.
- Mortgage rates remain high, averaging about 6.43% for a 30-year fixed loan.
- Monthly payments for a typical home buyer are about $132 less than last year due to lower prices and slightly lower rates.
- The West and South regions saw the biggest price drops, with the West down 4% and the South down 2.5%.
- The average time homes spent on the market stayed the same as last year, at 53 days.
- The number of homes being removed from sale listings dropped nearly 10% compared to last year.
- Active home listings grew slightly overall, with the largest increases in the Northeast and Midwest.
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