LOS ANGELES — The U.S. housing market remains in a deep sales slump, but the worst declines may be over when it comes to home prices.
While home sales have fallen 22.3 percent through the first seven months of the year versus the same stretch in 2022, prices are being propped up by buyers competing for a near-record low inventory of properties on the market.
The national median sales price rose to $406,700 last month, marking its first annual increase since January and the second month in a row that it’s been above $400,000, the National Association of Realtors said Tuesday.
Home prices didn’t start falling on an annual basis until February, and even then the dec…
Keep on reading: While low housing inventory stymies sales, bidding wars prop up prices
