Summary
Homebuyers are gaining rare relief as U.S. asking prices posted their steepest annual decline in at least nine years. Median listing prices fell 2.5% in June to $430,000, while mortgage rates stabilized, improving affordability. Sellers are responding to weaker demand by cutting prices and pulling some listings from the market. Pending home sales have now increased for seven straight months, suggesting buyers are taking advantage of better conditions. Although affordability remains a challenge compared with pre-pandemic levels, the combination of lower asking prices, easing financing costs and growing inventory is gradually shifting bargaining power toward buyers.
Fox Business
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