The nation’s housing market is cooling as overinflated home prices, high mortgage rates, rising supply, and falling demand slow annual price growth to 1.3%. Nearly one-third of top 100 markets are experiencing annual price declines, with single-family home prices up 1.6% and condominium prices down 1.4% nationally.

Inventory has risen 29% year-over-year in June, but gains are slowing. The average 30-year fixed mortgage rate remains in the high 6% range, double pre-pandemic levels. Prices are still rising in the Northeast and Midwest but softening in the South and West, with Cape Coral, Florida experiencing a 9% price decline.

Read more at CNBC: More U.S. housing markets see falling home prices