Homebuyers 'Hitting a Wall' as Home Prices Fall, Report Shows

From summer to fall, home prices typically drop. Northern California's destructive wildfires may pose further problems for many renters and homeowners looking for replacement housing; the western U.S. has a median price of $362,700, the most expensive in the nation.

Data from a recent National Association of Realtors' report shows home prices dipped nearly 3.2 percent from August, with a median price of $245,100 in September. Prices for existing homes are still up 4.2 percent from 2016.

"It's interesting we haven't seen listing prices come down just yet, " says Chief Economist Danielle Hale of Realtor.com. This means that sellers may be listing their homes at higher prices, but buyers are buying less expensive properties. The annual pace of price increases is also starting to slow, which "suggests that buyers are hitting a wall with how many price increases they can continue to accept."

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