The swing follows a projected drop of 5.75% in the price of a single-family home this year.
The 2022 figure is 19.2% lower compared with the pace of 444,520 homes sold in 2021, according to the real estate trade association.
"As sellers adjust their expectations, well-priced homes are still selling quickly," he said."And for buyers: more homes for sale, less competition, and fewer homes selling above asking price, all point to a more favorable market environment for those who were outbid or sat out during the past two years when the market was fiercely competitive."
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