Home prices are finally losing steam after years of steady gains, as housing inventory returns to pre-pandemic levels and buyer demand stays soft. While some states—especially in the Sun Belt—are already seeing year-over-year price declines, national prices remain slightly positive. Nearly 40% of listings have seen price cuts, and sentiment is turning bearish. But the lock-in effect from low-rate homeowners is limiting deeper drops. In this episode, we break down where prices are falling, why inventory matters more than ever, and how to think strategically about the housing market for the rest of 2025.

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