The U.S. housing market entered a correction, with apartment prices down 11% and house prices 6% year-over-year.
Major cities are seeing longer listing times and widespread price cuts.
Rising mortgage rates have sharply reduced affordability and increased developers’ financing pressures.
Unlike 2008, strong credit standards and low default rates are preventing a systemic Real Estate crash.
Analysts expect a soft landing, with slower sales but limited financial instability across the sector.