"The real estate market saw a shift as sellers adjusted their prices in response to a slowdown in demand. The national median list price and price per square foot decreased annually, signaling a break in the market standoff between buyers and sellers, according to Realtor.com® Weekly Housing Market Trends report. Affordability challenges like high mortgage rates and unemployment are pushing sellers to lower prices to attract buyers."
"While the market remains balanced nationally, some metros have transitioned into a buyer's market, reflecting changing market conditions. Inventory growth has slowed, with new listings decreasing and frustrated sellers withdrawing from the market, leading to more properties sitting longer on the market. Despite sluggish sales overall due to high prices and mortgage rates, market conditions vary across regions, with the West and South experiencing slower sales compared to the Midwest and Northeast."
Sellers across the country reduced asking prices after demand slowed, producing annual drops in the national median list price and price per square foot. High mortgage rates and elevated unemployment constrained affordability and encouraged price cuts to attract buyers. National conditions are broadly balanced, but several metropolitan areas have shifted into buyer's markets. Inventory expansion slowed as new listings fell and some sellers withdrew, causing homes to sit longer on market. Sales activity remains sluggish overall due to high prices and borrowing costs, while regional performance diverges: the West and South show slower sales than the Midwest and Northeast.
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