Home prices have decreased, reshaping current market dynamics.
Rentals now account for 49% of transactions, a significant increase from the typical 35-37% in previous years.
Consumer sentiment is low, driven by concerns over inflation, rising interest rates, and high housing costs.
Despite a cooling real estate market, average home prices remain 33% above pre-pandemic levels.
Sellers should reassess their pricing strategies with agents, considering both macroeconomic and local market conditions.
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