The housing market showed signs of relief as home prices in major US cities experienced their smallest increase in nearly two years, according to the S&P CoreLogic Case-Shiller 20-city house price index. The index fell 0.3% in May compared to the previous month, indicating a trend of a “slow unwind of price momentum.” This decrease marks a slowdown in the housing market, which has been weighed down by high mortgage rates and increasing unaffordability.
The weakening market is seen as good news for buyers, who have been facing higher mortgage costs and decreasing affordability. The data suggests that the housing market is finally starting to show signs of slowing down, potentially offering a reprieve from the current market conditions.
Source: https://www.marketwatch.com/story/home-prices-post-smallest-increase-in-nearly-two-years-offering-buyers-a-reprieve-3c3a4e83