Home prices may have hit a new high, but the real estate market is showing signs of weakness that could help buyers negotiate a lower price on a house.
For the four weeks ending June 30, homes sold for 0.3% below asking price, according to a recent report by online real estate brokerage Redfin.
But if anything, it's a momentary correction in a real estate market that still favors sellers.
That's because the Federal Reserve is expected to announce federal funds rate cuts that will help lower mortgage rates before the end of the year.
Considering that many would-be buyers have been priced out of the market by high mortgage rates, lowering rates would increase the number of potential buyers able to afford a home.
Persons:
Daryl Fairweather, there's, Fairweather
Organizations:
Federal Reserve
Locations:
U.S