Nearly one-third of major U.S. housing markets now see falling home prices

The U.S. housing market is cooling as overinflated home prices, high mortgage rates, rising inventory, and weakening demand take their toll. Home price growth slowed to 1.3% in June—its lowest in two years—while nearly one-third of major markets are seeing annual price declines of at least 1%. Inventory rose 29% from last year, though gains are tapering. High mortgage rates, averaging in the high 6% range, are also dampening demand, CNBC has reported. Regional trends vary: prices are rising in the Northeast and Midwest but falling in the South and West, with Cape Coral, Florida, seeing the steepest drop at over 9%.