Home Sellers Cut Prices as Housing Market Cools

Despite forecasts for a cooling housing market in 2022, U.S. home prices are still hitting record highs, even with mortgage rates surging in recent months. WSJ’s Dion Rabouin explains what’s driving demand, evidence of a slowdown on the horizon, and what that could mean for the economy. Photo composite: Ryan TrefesThere are a lot of unhappy people in the housing market right now. Among the most miserable are sellers realizing they have listed their properties too late.

For much of the country, real estate had been on a tear since the start of the pandemic. Home prices are up about 44% over the past two years, according to Redfin.

VeronicaDagher New playbook? The market is just transitioning from a seller's market to a buyer's market. This dynamic is not new. It's the normal operating procedure of the market cycle.

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