In fact, the year-over-year home price appreciation is at its lowest point since 2012, signaling fewer rising residential markets across the U.S. and a significant pullback on double-digit price growth for homes.
For the record, the national median single-family home price is at $212,400.
That's not necessarily bad, either for homeowners and homebuyers, experts say.
"National median home prices began their most recent rise during the first quarter of 2012 but had climbed to unsustainable levels given the current pace of inflation and wage growth," says Lawrence Yun, the NAR's chief economist. "At this slower but healthier rate, homeowners can continue steadily building equity. Meanwhile, for buyers, increased supply with moderate price gains is giving them better opportunities to choose."
With home values rising, albeit slowly, you'd think homebuyers would have a good grasp on what it costs to handle a mortgage and a new home — but maybe not.
Discover Home Loans says 87% of potential buyers say they "are confident" in their ability to land a good mortgage deal, but adds that "many have not done the math to determine their costs."
The financial services firm says 63% of possible homebuyers say they are "overwhelmed" by the amount of mortgage information available to them, and that's not a good launching point for a home purchase.