PREVIEW

Home Prices Dip as Homebuyers Show Dwindling Interest. 'Newsweek' reports that home sellers have started to cut prices in an effort to attract buyers amid lagging demand. According to a recent analysis by Zillow, price reductions increased by more than 22%, reaching the highest rate in the last six years. Zillow suggests that the price cuts could indicate dwindling demand. "Price cuts can be a sign of weakening demand that foretells softer price growth ahead.", Skylar Olsen, chief economist of Zillow, via 'Newsweek'. Potential homebuyers may start to see a market with more options, with the supply of homes jumping 6.4% in April. On an annual basis, the supply of properties on the market skyrocketed 18%. According to Skylar Olsen, the chief economist of Zillow, this represents the "second-largest annual increase since at least 2019". 'Newsweek' reports that the housing market has struggled with affordability issues as mortgage rates hover above 7%. Higher-than-usual costs for borrowing have depressed activity in the market, with many buyers reluctant to face high monthly payments. At the same time, the average price of a home in April was over $359,000, representing a 4.4% increase compared to the same time in 2023. THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT