Home Sellers Slash Prices Amid Soaring Unaffordability

The US housing market is seeing an increase in listings, but high mortgage rates and steep prices are deterring buyers, leading to a stagnation in sales. Sellers are cutting asking prices as inventory grows stale, and the market is experiencing a significant pullback, particularly in previously booming areas like the Sun Belt. The situation is creating a buyer's market with many price reductions, though any broad price deceleration is expected to be slow due to pent-up demand from Millennials.