Housing Market Sees Signs of Cooling as Prices and Rates Remain High
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Monthly housing payments hit record high of $2,721, up 10% year-over-year due to higher mortgage rates and home prices
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New listings up 15%, biggest increase in 3 years; bringing back some demand as purchase applications up 14%
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Median home price up 5% to $375,000; but signs of slowing as 6% of sellers dropped asking price
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Mortgage rates still high at near 7%, deterring some buyers less than last year
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Supply increasing with 6.3% more active listings; months of supply at 3.3 months indicates a balanced market