Home prices

The West Coast and across the Rocky Mountain region are the most vulnerable to price declines in the coming months as both sellers and buyers readjust their expectations.

The number of sellers discounting their original listing grew by over 83% year over year, according to HouseCanary.

Buyer interest waned as mortgage rates increased in the same month this year, CoreLogic found

Sales of co-ops and condos dropped 3.7% in the third quarter from the previous three months and more than 18% from a year earlier, appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate said in a report Tuesday.

Median home prices fell 0.98% in August from a month earlier, following a 1.05% drop in July, Black Knight Inc. said in a report Monday.

The tempering of growth is a result of mortgage rates jumping and inflation, a report found.

The decline was "widespread" impacting eight of the nine U.S. census divisions, according to the Federal Housing Finance Agency.

The shift to working from home drove more than half of the increase in house and rent prices during the pandemic and will likely drive up costs and inflation going forward as the shift becomes permanent, according to research from the Federal Reserve Bank of San Francisco. 

August's 0.3% drop in prices from July was the largest in 11 years, according to the raw Zillow Home Value Index.

Of the 50 counties most at risk, nine are in and around the Big Apple, six are in the Windy City's metropolitan area, and 13 are spread through California.