The US housing market is facing a downturn due to high interest rates. Mortgage payments have hit record highs, making homeownership expensive. While home prices remain high, there are signs of a slow down. More homes are going on the market, and pending sales are decreasing. New home prices are dropping, but existing home prices are still near record lows. Buyers are facing longer wait times to sell their homes, and more homes are being sold below the asking price.
