Nearly one-third of the 100 largest cities in the U.S. saw annual price declines in June.
Transcript:
CAROLINE WOODS: The once red hot housing market is showing signs of cooling off.
Annual home price growth in June slowed to just 1.3%, down from 1.6% in May—the slowest rate in two years, according to mortgage technology firm ICE.
27 – or nearly a third – of the 100 largest U.S. cities saw annual price declines last month—a level of weakness not seen since the early days of the Fed’s rate hikes back in 2022.
The main culprit? Mortgage rates, still hovering in the high 6% range, keeping buyers on the sidelines. And with more homes hitting the market—especially in the South and West—some of that upward pressure on prices is starting to ease.
But not everywhere. Prices are still climbing sharply in the Northeast and Midwest.
Rochester, New York led all major markets in early June, with prices up 8.1% from a year ago—followed by Hartford and Bridgeport Connecticut, where prices rose more than 7%
Subscribe |
Earn. Live. Invest. |
TheStreet Pro |
#housing #realestate #housingmarket
source
