At the same time, unsold inventory is up 20.8% year over year to 1.45 million homes. It’s a 9% rise compared to March. Months of supply hit 4.4, up 25.7% from one year ago and 10% higher than a month ago. Unsold inventory and months of supply are higher than at any point in the
The falling rate of annual home-price increases is a trend that occurred throughout 2024, which peaked last February at 6.6%. It’s also significantly lower than the double-digit increases from 2022, when price appreciation hit 20% or more multiple times. “Higher mortgage rates, along with high home prices, have exacerbated affordability challenges and led to slower
So far, the price drops are minor. Oregon has the biggest decline at 0.9%, followed by Georgia (0.8%), Montana (0.2%), South Carolina (0.3%) and Texas (0.1%). Prices in three other states — Florida (0.2%), South Dakota (0.3%) and Louisiana (0.4%) — have grown, not fallen, but by less than 1%. The cooling in Texas and