Summary
The U.S. housing market is experiencing slower growth and price declines in many states. Home prices are still rising but at a slower rate, while rents are seeing the slowest growth in 14 years. This situation is partly due to higher costs for homes and borrowing, leading to more available properties and giving buyers more options.
Key Facts
- Home price growth in the U.S. has slowed significantly, with declines in nearly half of the states.
- Rent growth is at its slowest rate in 14 years.
- Over 2.1 million homes were for sale in August, a 10.5% increase from the previous year.
- Home sales in August were down by 2.2%, and homes spent more days on the market.
- The median home sale price was $439,198 in August, up 1.5% from the previous year.
- Former boomtowns in states like Florida and Texas are seeing price declines.
- Rental markets also show weakness, with lower rent growth and declining rents in many areas.
