The Latest Breaking News from Danielle Hale

"Longer-term, higher mortgage rates are likely to be a drag on home sales as costs put buying out of reach, causing many households to delay plans to move."

Realtor.com data show that rent prices have dropped for the first time since 2020.

The S&P CoreLogic Case-Shiller Home Price Index fell 0.5% in October from September.

'The 2023 housing market could become a nobody’s-market, not friendly to buyers or to sellers,' it said.

Realtor.com’s 2023 housing market forecast takes a look at home affordability.

Overall, national rent hit a median price of $1,879 in July, the 17th straight monthly record high, but up just $2 from June.

A relief from the rise in mortgage rates: The 30-year fixed mortgage averaged 4.99% last week.

Active home listings jumped 29% year over year in the week ended July 16, about matching the prior two gains.

The silver lining for housing is not mortgage payments. The median payment totaled $1,897 in May, up 37%, from the beginning of the year.

The U.S. housing market closed June with a decline in mortgage rates, a bump-up in pending home sales, a growing number of available properties for sale and an evaporating enthusiasm for vacation homes.

Home listings increased for the first time since June 2019, according to Realtor.com data, suggesting the U.S. housing supply hit a turning point last month.