In August, the U.S. housing market experienced its slowest activity in five years, with median home prices falling 1.3% year-over-year.
The U.S. housing market cooled significantly in August, marking the slowest activity in five years, as reported by Realtor.com. The median home price fell 1.3% year-over-year to $429,990, driven by increased inventory and higher mortgage rates. Homes are staying on the market longer, averaging 53 days, prompting homeowners to lower prices to attract buyers. The cities with the fastest declining home prices include Oklahoma City, Austin, and San Diego.
September 07, 2024
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