Source: Realtor —
Home prices have been on the rise since the COVID-19 pandemic hit.
For proof, look no further than the current median home price—a whopping $450,000. That’s not just a high price, but a new record set in June.
As a seller, you may be motivated to cash in on this seemingly unstoppable housing market. Yet America’s real estate may be headed for a slowdown and a drop in home prices.
Some buyers are dropping out of the market altogether due to not only sky-high home prices but rising mortgage interest rates. And the buyers who are left are negotiating lower prices—and landing reductions. In June, price reductions on homes for sale doubled compared to the same time last year.
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