Home prices hit $405,000 for the first time in March, but data reveals there is some hope on the horizon for pandemic-era buyers.
With demand beginning to moderate as some home shoppers are priced out of the market and new construction at near 16-year highs, inventory is expected to hit positive territory year-over-year this summer, according to the Realtor.com Monthly Housing Trends report.
"Despite the $405,000 price tag, March data reveals we are starting to take some steps towards a more balanced market," Chief Economist Danielle Hale said in prepared remarks. "Buyer demand is moderating in the face of high costs, and we're beginning to see more homeowners take price cuts on their listings and overall inventory declines lessen in response.
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