Realtor.com reports that home price growth went up 3.7% in March, the lowest level of growth in seven years.
March also marks the 12th straight month of diminishing price increases, according to the latest CoreLogic Case-Shiller National Home Price Index.
"The changes that we've seen have helped to bring the housing market back into balance," says CoreLogic's chief economist, Frank Nothaft. "The slowing house price growth is helping to restore affordability, so that more people can afford to buy."
Lower mortgage interest rates are also helping to get more prospective buyers off the sidelines. Rates were just 4.06% as of May 23, a decrease of 60 basis points from a year ago—a difference that could shave thousands of dollars off a 30-year, fixed-rate loan. (One basis point equals 0.01%.)
