Declining prices in some housing markets signal a challenging reality for homeowners looking to sell. Falling mortgage rates could bring buyers back to a previously unaffordable market. In the Sun Belt, which saw increased demand during the COVID-19 pandemic, there is now a significant rise in housing inventory and price cuts. States like Colorado, Arizona, Texas, Florida, and Tennessee are seeing price cut rates above 30%. While this is difficult for sellers, it may present an opportunity for buyers who have struggled with high mortgage rates and record-high prices.
