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Median home prices dropped in June. Is the market shifting?

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While prices have declined slightly, interest rates are driving up the cost of home ownership across the U.S.

The median list price for a home in the United States dropped last month compared to a year ago, albeit only slightly at 0.9%. This is according toRealtor.com’s latest report, which shows the small sign of relief for buyers since the real estate website began its research in 2017.

The typical home spent 44 days on the market this June, which is almost two weeks longer than the same time last year. “Our market remains hot,” Oyler said of Cincinnati, noting that inventory remains low and prices remain high.According to Realtor.com, housing prices in Cincinnati grew by 20% in June 2022 compared to a year ago, to a median price of $390,000. In Austin, Texas, the median price fell 7% year over year to $580,000.

 

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