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U.S. home asking prices drop 2.5% in June, marking steepest annual decline since 2017

FOX Local

4d ago· 4 min readenNews

finance real estate news housing market

Summary

Home asking prices in the U.S. saw a record 2.5% year-over-year decline in June 2024, the steepest drop in at least nine years, with the national median asking price falling to $430,000. This marks the eighth consecutive month of price decreases, driven by sellers adjusting to a slower market and high mortgage rates. The decline offers some relief to buyers, though affordability remains strained due to elevated borrowing costs. The data comes from Realtor.com's monthly housing market trends report.

Source

bskyU.S. home asking prices drop 2.5% in June, marking steepest annual decline since 2017fox29.com

Key quotes

· 3 pulled

Sellers are reading market conditions and are pricing accordingly from the start rather than overpricing and having to reduce later.

The decline in asking prices is a sign that the market is shifting in favor of buyers, but high mortgage rates continue to pose a challenge.

This is the deepest annual decline in asking prices we've seen in our data set, which goes back to 2017.

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Home listing prices are declining at the fastest pace in at least nine years. Here's what to know.

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