Home prices hold firm as ‘hibernating’ market tests buyers and lenders

Home prices rose year over year in 71% of US metros, with the national median price at $404,300, showing modest gains amid cooling growth. The Northeast and Midwest saw price increases, while the West experienced declines. Mortgage rates eased, improving affordability as monthly payments dropped to 21.5% of income. About 27% of markets had price declines, creating more leverage for buyers, especially in the South and West.