US Home Sellers Reduce Prices as High Mortgage Rates Curb Demand

The first significant drop in home prices in over a year reflects a cooling housing market and economic challenges for buyers.

6.4% of sellers cut their asking prices in late May, the highest rate since November 2022.
The median asking price for homes fell by $3,000 to $417,000, the first decline in six months.
High mortgage rates, currently averaging over 7%, are a major deterrent for prospective buyers.
Homes are staying on the market longer, with the median duration rising to 46 days.
Experts predict that home prices may stabilize as more inventory enters the market and borrowing costs ease.