Home Prices Dip , as Homebuyers Show , Dwindling Interest.<br />'Newsweek' reports that home sellers <br />have started to cut prices in an effort <br />to attract buyers amid lagging demand.<br />According to a recent analysis by Zillow, <br />price reductions increased by more than 22%, <br />reaching the highest rate in the last six years.<br />Zillow suggests that the price cuts <br />could indicate dwindling demand.<br />Price cuts can be a sign <br />of weakening demand <br />that foretells softer <br />price growth ahead, Skylar Olsen, chief economist of Zillow, via 'Newsweek'.<br />Potential homebuyers may start to see <br />a market with more options, with the <br />supply of homes jumping 6.4% in April. .<br />On an annual basis, the supply of <br />properties on the market skyrocketed 18%.<br />According to Skylar Olsen, the chief economist <br />of Zillow, this represents the "second-largest <br />annual increase since at least 2019.".<br />'Newsweek' reports that the housing market <br />has struggled with affordability issues <br />as mortgage rates hover above 7%. .<br />Higher-than-usual costs for borrowing have <br />depressed activity in the market, with many <br />buyers reluctant to face high monthly payments.<br />At the same time, the average price of a home in <br />April was over $359,000, representing a 4.4% <br />increase compared to the same time in 2023
