U.S. home prices have turned negative for the first time since mid-2023, CNBC writes.
Prices have slipped 1.4% over the past three months as the market absorbs higher mortgage rates and a slow-but-steady rise in inventory. Daily data from Parcl Labs shows national prices are now slightly below year-ago levels, marking a shift after years of pandemic-era gains.
Active listings in November were nearly 13% higher than a year earlier, even as new listings ticked up just 1.7%, signaling sellers are retreating from the market at unusually high rates.
Price declines across cities are uneven: Austin is down 10%, Denver 5%, and Tampa and Houston 4%, while cities like Cleveland, Chicago and New York are still seeing gains.
The Capital Region saw its new listings and inventory of homes for sale metrics both increase in October by 3.2% and 2.5%, respectively, according to the latest data available.
With mortgage rates holding steady in recent months—and little reaction to the latest Fed cut—analysts expect home prices to hover around zero in the near term.
