Raleigh housing prices dip compared to last year

Zoom in: Listing prices for homes in the Raleigh-Cary metro area have dropped by more than 4% since last year to nearly $480,000, according to Realtor.com.

The big picture: Of the 50 largest U.S. metros, 15 saw their median list prices decline.

• Raleigh posted the third largest decline, trailing only Austin (-6.8%) and Houston (-5.1%).

Yes, but: Prices increased in the area by 1% between May and June — though slightly below the 1.3% average among the biggest metro areas.

• And the national median list price is still 39.1% higher than in June 2019.

State of play: Despite the year-over-year declines, house hunting in the Triangle hasn't gotten easier.

• Interest rates are significantly higher than they were last year, and the average monthly payment has nearly doubled in the past two years.
• "While this could feel like a welcome relief for buyers, our revised 2023 outlook expects only a modest drop in home prices of 0.6% for the year" nationally, Danielle Hale, chief economist for Realtor.com, said in a statement.