Sellers are responding to a sluggish market by reducing home prices, as properties are spending more time on the market. The national median time reached 58 days, reflecting buyer reluctance. Price reductions are at a historic high for June, with 1 in 5 homes experiencing price cuts. Although annual price growth remains steady, new listings are nearly flat, signaling waning seller momentum. Mortgage rates have increased, yet mortgage applications have slightly risen, indicating active buyers seeking deals even as inventory continues to grow.
The median time on the market reached 58 days nationally last week, a direct indication that buyers are hesitant to commit to purchases.
The price reduction share reached roughly 1 in 5 homes in June, the highest June share in the data’s history, reflecting seller adjustments to market conditions.
Annual price growth remained steady, yet homes are spending longer on the market due to flat new listings and diminishing seller momentum.
Big-city home shoppers continue seeking homes in other areas, likely searching for deals amid ongoing market challenges, highlighting buyer behavior trends.
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