Home prices are falling at the fastest pace since 2022 as stubborn interest rates slash demand

• Home prices are dropping thanks to high mortgage rates weighing on demand. 
• The 30-year fixed mortgage rate edged up last week, hovering above 7%. 
• Real estate experts expect affordability to slowly improve as inventory rises and borrowing costs ease. 

Home prices are falling at the fastest pace in over a year, thanks to demand plunging amid stubbornly high mortgage rates, according to Redfin.