Spring into early summer looked fairly strong for the housing market but things cooled considerably in July due primarily to continued high mortgage rates and other economic pressures.
And, while it seemed as if sellers had mastered the art of pricing realistically, the slower than anticipated market produced an increase in price cuts, from 18.8% 50 20% nationwide.
While the Northeast and Midwest remained relatively stable price reductions were up significantly in the West and South with metro areas such as Portland, OR (31%) and Denver (30.9%) leading the way.