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US home prices have fallen for the first time in six years

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Listing prices fell 0.9% annually in June

What has happened? In June 2023, asking prices for houses and apartments in the United States decreased by 0.9% year-on-year, according to a report from Realtor.com. This was the first annual decline since at least 2017, when the online real estate portal started tracking this figure.

Example. In June, the typical U.S. home sold for roughly $383,000, about $4,000 less than the all-time high set last June, according to a separate report Thursday from Redfin.

Quote. “Price gains have been weakening since last summer as rising mortgage rates have added to ongoing affordability challenges and further cooled buyer demand, so the first year-over-year decline in median list prices this month wasn’t unexpected,” Danielle Hale, chief economist for Realtor.com, said in its report. 

Supply. Buyers can benefit from more homes to choose this month, with inventory across the country up 7.1% compared to the same time last year, Realtor.com said. However, the number of new offerings recently introduced to the market has fallen by more than 25%.

What else? The report says that typical asking prices are still 39.1% higher than in June 2019.

Source: Mansion Global

Photo by Aubrey Odom on Unsplash

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