Home Price Reductions Hit 18-Month Peak Amid Rate Hikes

Home sellers are reducing asking prices at the highest rate in 18 months due to high mortgage rates, with 6.4% of listings seeing price cuts. Despite this, the median home sale price hit a record high of $390,613, reflecting a 4.3% year-over-year increase. The market is showing signs of cooling, with homes staying on the market longer and a decline in pending home sales and mortgage-purchase applications. Buyers are advised to consider less trendy neighborhoods and homes that may need minor updates to avoid competition.