The U.S. housing market is cooling as overinflated prices, high mortgage rates, rising inventory, and falling demand weigh on growth, according to CNBC. Data from mortgage technology firm ICE shows that annual home price growth slowed to 1.3% in June, the lowest in two years. Nearly one-third of the top 100 housing markets are posting price declines of at least one percentage point. Single-family home prices rose 1.6% while condo prices fell 1.4%. Inventory increased by 29% year-over-year, but growth has slowed since the spring. Mortgage rates remain in the high 6% range. ICE’s Andy Walden noted that rising inventory may improve affordability, but falling prices and slower sales are deterring sellers. Regionally, prices remain strong in the Northeast and Midwest but are declining across the South and West.
