“After reaching historic highs with 20% year-over-year increases during the pandemic, home prices are rapidly cooling off in expensive housing markets in the U.S. amid rising mortgage rates, inflation and fears of a recession.
New listings on the market declined by 44% year-over-year in February compared to the same time last year and price cuts are up 174% year-over-year, according to data shared by real estate brokerage firm HouseCanary with USA TODAY.
Despite the overall cooling housing market, 11 states saw double-digit increases in home prices this February compared to the same time last year. The top five states that saw the highest increases also were states with median home prices below $300,000.”
