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%

diegoebarros

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Cooling housing market: Idaho, Colorado, Utah sellers drop prices in JulySellers across every major U.S. metro have dropped their asking prices in July as more buyers backed out of the market in part because of high mortgage rates.
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Why the housing market is in recession in terms of sales — but not pricesThe word 'recession' applies to certain dynamics happening within today's market — and doesn't equate fully to the global recession we all know from the housing bubble burst in 2006.
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