'Expect property prices to decline' says Housing Experts.
By The Exchange Team
Home prices are beginning to fall across the country, and one housing expert predicts further declines.
Realtor.com reports that the typical property price for active listings fell to $449,000 in July from $450,000 in June.
This corresponds to an annual growth rate of 16.6%, a slight decline from last month's pace of 16.9%.
"Homebuyers can't afford loan payments since rates are so high. Monthly costs have risen by 40%." , Daryl Fairweather, chief Economist at Redfin
Numbers reveal buyer hesitancy. As per National Association of Realtors, Existing-home sales fell for the sixth straight month in July.
Sales fell 5.9% in June and 20.2% year-over-year. July's typical existing-home price was $403,800, down $10,000 from June.
With fewer buyers ready to pay over asking, some sellers are withdrawing their listings for now.