Home prices

Property prices could contract an annual 5% by the middle of next year, a senior property economist, said in a research note Monday. He’d previously projected no change in values by that time.

But even with bidding wars on the decline and inventory increasing, listing prices continue to creep up.

At the same time, the share of new properties acquired by the services dropped, reflecting overall purchase trends and Zillow’s exit from the market.

But it's far too early to declare the market to be down and out, especially as employment stays strong and mortgage rates stabilize.

In May, buyers in 15 of the 100 largest housing markets paid more than 50% over historic trends, up from 13 in April and 2 in July 2021, a study found.

The S&P CoreLogic Case-Shiller index recorded its strongest ever annual gain for March as housing market conditions remained highly competitive in the first quarter.

Several Sun Belt cities popular for relocation over the last two years were among markets with the most reduced listing prices in April.

Mortgage payments are claiming a bigger chunk of incomes for U.S. homebuyers, who also have to contend with quickly rising prices.

The U.S. economy unexpectedly shrank last quarter for the first time since 2020 as the trade deficit ballooned, adding to political headaches for President Joe Biden but unlikely to sway the Federal Reserve from hiking interest rates aggressively to combat inflation.

While housing costs continued to set records, several signs of moderation have begun to appear in the last several weeks, according to Redfin.