US Housing Market Sees Significant Price Cuts Amid Rising Inventory

Increased supply and reduced prices create opportunities for buyers, especially in the Sun Belt and South.

Nearly a quarter of US home listings experienced price cuts in June, the highest rate since 2018.
Regions like the Sun Belt and South are seeing the most significant reductions, with some areas reporting price cuts above 30%.
The total number of homes on the market has increased by 23% from last year, though it remains below pre-pandemic levels.
Cooling competition and high costs have led sellers to slash prices to attract buyers.
While mortgage rates have fallen slightly, affordability remains a challenge for many prospective homeowners.