Housing prices drop

Newsweek -   After years of relentless price growth, U.S. home asking prices are now falling at their fastest pace in nearly a decade according to new data from a real estate listings website.  High mortgage rates, stretched affordability, and geopolitical uncertainty tied to the Iran war continue to weigh on demand.

The sustained cooling marks a clear shift in the U.S. housing market: after the pandemic-era boom pushed prices to record highs, buyers are stepping back, forcing sellers to cut expectations.

Realtor.com said the national median listing price has been falling for seven consecutive months now, as mortgage rates remain high and rising inflation fuels Americans’ fear over what could come next.

In May, the median listing price fell 2.4 percent year-over-year to $429,500—the steepest annual decline in data going back to 2017.