U.S. Home Prices Ease Across Major Metros

In Mid-Q3, price per square foot fell yearly in 36 of the 50 largest US metro areas, showing broader cooling across major housing markets.
Nationwide, price per square foot was ↓~2% yearly in Mid-Q3, marking the 10th straight month of yearly softening in this national measure.
The market lost momentum as Mid-Q3 ended, with some sellers cutting asking prices more sharply to attract buyers and bring expectations closer together.
High mortgage rates continued to challenge affordability, especially in markets that surged during the pandemic, prompting sellers to meet buyers closer to the middle.
An economist said many boom-era markets were giving back part of their pandemic gains, helped by inventory levels that were above pre-pandemic norms.