IE Business Daily Business news for the Inland Empire.
U.S. home prices will flatten in the third quarter and be down one percent year-over-year by the end of the fourth quarter, a well-known commercial real estate brokerage has predicted.
If that forecast holds true, it will be a major reversal from the past few years: aside from a brief period two years ago, home prices have been rising year over year since 2012, according to a report by Seattle-based Redfin.
Home prices probably will decline nationwide because there are more sellers than buyers. With demand down, sales of existing single-family homes fell 1.1 percent year-over-year in April, the lowest number in six months.
The typical home that did sell took 40 days to complete the transaction, five days longer than one year earlier.
The U.S. housing market has been sluggish since mortgage rates rose sharply in early 2022. It has slowed even more in the last several months due to economic instability and high housing costs, according to the report.
