After peaking in March of this year, month to month home price gains have been slowly decreasing. This might mean that rising home prices have finally hit their limits, reaching a point where no one can afford to buy.
CNBC also reports that annual gain, which has been rising every month this year, finally stabilized in July at 6.2 percent. This comes after home sales have been falling for several months.
Even buyer competition, which remains incredibly high, may be finally cooling. A recent report from real estate brokerage Redfin showed that while annual price gains were still high, monthly gains over the summer were flat. That may be the result of fewer bidding wars.
Advertisement
Related Stories
New-Home Sales
Mortgage Rates Are Up but New-Home Sales Still Solid in March
Lack of existing home inventory drove a rise in new-home sales, despite higher interest rates in March
Labor + Trade Relations
Who's Earning What in Construction
Workers in construction management roles may earn a higher median wage, but on average, lower-paid occupations have experienced somewhat faster wage growth
Build to Rent
Build-to-Rent Is Booming, Particularly in These Metros
A recent report finds that the Phoenix metro leads with more than 4,000 build-to-rent units completed in 2023, and Texas is the leading state for build-to-rent development