In order to bolster buyer demand and maintain a healthy backlog in a housing slowdown, home builders are being forced to lower their prices and offer new sales incentives
The total supply of homes for sale rose 15% year-over-year during the four weeks ending December 4— the biggest uptick on record—but very few buyers are being lured in by falling mortgage rates
As high mortgage rates take center stage in 2023, home sales could fall to their lowest level since 2011, and home prices will likely follow a similar downward trajectory
With rising shares of home price reductions, high relative housing supply, and mortgage and rent affordability, these metros offer a starting point for budget-conscious first-time homebuyers
Over the past several months, builders have been increasingly lowering their prices and offering generous incentives to motivate deterred buyers, but today's concessions are nothing like those seen during the Great Recession
Mortgage applications are on the rise after a slight dip in daily rates at the start of December, but buyers are still hesitant to reenter the for-sale market
The nation's most popular homebuying destinations during the mid-pandemic Great Migration are now among the first locations to see home prices fall during a market slowdown
With little to no offers in a market plagued by soaring mortgage rates and elevated home prices, a growing number of sellers are being forced to delist their properties
