While home prices have been rising at a much slower pace over the past six months, July to August saw an actual decrease nationwide from $449,000 to $435,000, the largest decline since 2016.
Moreover, August saw a 27 percent increase in available properties with 166,000 more listings than August 2021. Finally, houses are staying on the market longer, forcing sellers to adjust their expectations – and their prices.
Unfortunately, inflation and high mortgage rates are still a factor. So while it may not be a buyer’s market yet, it is certainly a more balanced market.