When mortgage rates started to increase rapidly in the middle of 2022, the real estate market ground to a halt. Then, prices started to drop. Now, current median sales price for existing homes is still 5% lower than at the market’s height in May 2022. In March 2024, sales decreased year-over-year (YOY) in all regions of the U.S. It’s slow going in the new construction segment of the real estate industry, too. By the end of 2023, more than 30% of homebuilders had cut prices. The median sales price of new hom ...