Home prices across the United States increased by 0.2 percent in March from February, the slowest pace of gain since December 2022, real estate brokerage Redfin said in an April 22 statement.
“Home prices were up 4.6 percent on a year-over-year basis, down from 5.1 percent growth in February. That’s the 11th consecutive month that annual growth has slowed and the first time it dipped below 5 percent since August 2023,” it said.
According to Redfin, home price growth is slowing down since the rising number of homes for sale being listed in the market is outstripping home-buying demand.
Except for in certain areas of the United States, especially in the Midwest, where demand remains steady, buyers across the country are generally backing away from the market, the brokerage said….