The housing market is still hot, but it’s cooling off

Nearly one-third of the 100 largest cities in the U.S. saw annual price declines in June.

Transcript

00:00The once red-hot housing market is showing signs of cooling off.

00:04Annual home price growth in June slowed to just 1.3%, down from 1.6% in May and the slowest rate in two years.

00:13That's according to mortgage technology firm ICE.

00:1627, or nearly a third of the 100 largest U.S. cities, saw annual price declines last month,

00:22a level of weakness not seen since the early days of the Fed's rate hikes back in 2022.

00:27The main culprit, mortgage rates, still hovering in the high 6% range, keeping buyers on the sidelines.

00:34And with more homes hitting the market, especially in the south and west,

00:38some of that upward pressure on prices is starting to eat.

00:41But not everywhere. Prices are still climbing sharply in the northeast and midwest.

00:47Rochester, New York, led all major markets in early June, with prices up 8.1% from a year ago,

00:52followed by Hartford and Bridgeport, Connecticut, where prices rose more than 7%.

00:57That'll do it for your daily briefing.

01:00From the New York Stock Exchange, I'm Caroline Woods with The Street.