Source: Business Insider —
The red-hot housing market has fizzled out — and that means home prices are finally cooling down.
Over the past few years, intense buyer competition has elevated home prices throughout the US but as affordability wanes, demand is fading fast. Indeed, higher housing costs have pushed out many would-be buyers, leading to a slowdown in home buying activity.
In a handful of cities, that downturn is already translating to cheaper homes. Data published Tuesday from the S&P Dow Jones Indices showed price growth turning negative in six major metropolitan areas from May through June, reflecting a stark shift from last year’s buying bonanza.
The following table shows the percent change in home prices from May through June for 20 US cities, as well as how prices changed from April to May.