In today's complex U.S. real estate landscape, unprecedented changes are unfolding. A recent report from CoreLogic financial services analyzes ten significant market phenomena that offer both insight and practical value for investors and homebuyers.

1. Price Declines in Multiple Cities

Data reveals declining home prices across several metropolitan areas. As of May, five major cities showed notable decreases: Austin, Texas (-4.9%), San Francisco, California (-2.6%), New Orleans, Louisiana, Cape Coral, Florida, and North Port, Florida.

2. Slowing Spring Price Growth

While prices continue rising in most markets, the pace has moderated. CoreLogic reports a 0.6% month-over-month increase in May. Among the 100 largest metros, 16 saw declines, with El Paso, Texas; Gary, Indiana; Buffalo, New York; and Syracuse, New York leading the downturns.

3. One-Third of Homes Selling Above Asking

In June 2024, 34% of properties closed above list price—significantly higher than the 2015-2019 pre-pandemic average of 23%. This reflects strong buyer demand amid persistent inventory shortages.

4. Rising Mortgage Delinquencies

Approximately 100,000 borrowers were more than six months behind on payments in May—the highest level since the financial crisis.

5. Growing Popularity of Adjustable-Rate Mortgages

With interest rates remaining elevated, more borrowers are opting for adjustable-rate mortgages (ARMs) to manage costs. ARM applications reached their 2024 peak in May.

6. Limited ARM Market Share

Despite increased adoption, ARMs still represent only about 5% of the mortgage market, as most homeowners secured low fixed rates during the pandemic.

7. Narrowing Appraisal Gaps

In June, 8.6% of appraisals fell below contract prices, down from 10.7% year-over-year. This gap appears more frequently in entry-level homes, potentially due to first-time buyers' pricing strategies.

8. Declining New Home Sales

New home sales dropped 17% in the first half of 2024, with declines in nearly all markets. Only Portland, Oregon and Las Vegas, Nevada saw 2% growth among the 30 largest metros.

9. Investor Activity Cooling

Investors purchased 23% of single-family homes in June—down 5 percentage points from January—indicating weakening demand from this segment.

10. Existing Home Sales Plunge

June's existing home sales fell 19% year-over-year. While seasonal declines typically occur in July, this year's slowdown appears accelerated by April-May rate spikes. With inventory up 9% from 2023, conditions may be shifting toward a buyer's market.

These ten trends illustrate the challenges and opportunities facing today's U.S. housing market, requiring careful analysis from all participants navigating this evolving landscape.