Raleigh Homes Experience Significant Price Decline in August

Why It Matters:

The decrease in home prices in Raleigh indicates a shift in the housing market and potential affordability opportunities for buyers. It highlights the impact of low inventory and rising mortgage rates on prices.

The Details:

• Raleigh saw the largest decline in median list prices among the 50 largest metropolitan areas in the US.

• Las Vegas also experienced a 2.8% decrease in median list prices.

• Nationally, the median list price in August fell to $435,000, down from $440,000 in July and last year's peak of $449,000.

• Active inventory of homes remains tight, almost 48% below normal levels.

• Despite the increase in new listings, low inventory continues to put upward pressure on home prices.

• Chief Economist for Realtor.com® expects mortgage rates to ease by the end of the year, but a new price peak is unlikely.

Conclusion:

The decline in home prices in Raleigh reflects broader trends in the housing market. While new listings provide some relief for buyers, low inventory and affordability concerns persist. Mortgage rates are expected to gradually ease, but significant price increases are not anticipated for the rest of the year.