U.S. house values fell for the first time since 2012, Zillow says. Sellers and buyers are facing a very different housing market to 2020

After two frenzied years, home buying is cooling off as mortgage rates rise. Some experts in the field are calling it a “housing recession.”While... The housing market isn’t crashing, but it’s definitely feeling the burn.

“The typical U.S. home value fell by $366 in July, and is now $357,170, as measured by the Zillow Home Value Index.” At this point, sellers are finding themselves with fewer offers, and are having to offer more concessions themselves to entice buyers. The dip in July is a “badly needed rebalancing that gives home buyers more options, more time to shop and more negotiating power,” Skylar Olsen, chief economist at Zillow Z , said in a statement.

“‘Our prices have come off of their irrational highs of the last 18 months. It’s kind of a rebalancing.’”

Hey everyone, the Biden administration just saved you $366 on your next home! Buy three and you will save over $1000!!

Wow

That’s literally a Big Short development

Wow, so this is the crash everyone is panicked about, -0.1%

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