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Published: Jun 16, 2023 5 min read
Congress Avenue Bridge during sunset in Austin, Texas.
Austin, Texas
Getty Images

U.S. homebuyers looking to make a purchase this summer may have better luck finding lower list prices compared to last year.

Across the country, home list prices are falling for the first time in a few years, according to a report from In fact, pandemic boomtowns where prices have surged starting in 2020 posted some of the biggest year-to-year price declines in May.

Coming after years of strong price growth, and with mortgage rates now hovering around 6.7% — compared to 5.8% in June of last year — sellers are finally being forced to list their homes for less. Real estate brokerage Redfin says median home prices in May were down 3.1% from 2022.