Are Slowing Home Prices Sending Us Into a Buyer's Market? [CNET News]
First American Corporation (New) (FAF)
Last first american corporation (new) earnings: 4/23 06:45 am
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Source: CNET News
As more homebuyers pause while waiting for prices and mortgage rates to cool, some sellers are having to drop their asking prices. In June, nearly 7% of sellers cut their asking prices. That's the highest share since November 2022, according to Redfin . It's also the first time since before the pandemic that the typical home has sold below asking price during the spring housing market season. At the same time, however, the median sale price hit another record high of $397,250, pricing many prospective buyers out of the market. It's been a sluggish spring homebuying season , as high mortgage rates continue to weigh on buyer demand. In May, the number of home sales fell 0.7% from the previous month and 2.8% on an annual basis, according to the National Association of Realtors “The housing market is struggling to gain momentum in an elevated mortgage-rate environment,” said Odeta Kushi , deputy chief economist at First American Financial Corporation. “Higher mortgage rates have a
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