Housing market sees decrease in prices as number of available listings rises by 35%

Welcome to Extreme Investor Network, where we bring you the latest updates and insights in the world of business news. Today, we are diving into the shifting landscape of the housing market, particularly in the Upper East Side neighborhood of NYC.

Recent reports indicate that the heat is coming out of home prices, with price gains shrinking and sellers beginning to adjust their expectations. According to real estate brokerage Redfin, for the first time since the start of the Covid-19 pandemic, the typical house sold for slightly less than its asking price during the four weeks ended June 23. This marks a shift from previous years, where homes were selling at or above list price.

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While the housing market is not crashing, there is a noticeable change in dynamics. Mortgage rates remain high, with the average rate on the 30-year fixed mortgage hovering above 7%. The S&P Case-Shiller index shows that home prices in April were up 6.3% from the previous year, continuing a trend of steady growth. However, some buyers are starting to sense an opportunity for deals, as supply is beginning to increase. Total active listings are now 35% higher than they were a year ago, leading to a cooling effect on prices.

At Extreme Investor Network, we pride ourselves on delivering exclusive insights and early access to data that can help you stay ahead of the curve. Our experts have analyzed the latest trends in the housing market, providing you with a comprehensive view of the current landscape. Stay tuned for more updates and valuable information to help you navigate the ever-changing world of business news.

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