Home prices have already declined 5% from their May peak.
Developers had planned to begin offering the floating, eco-friendly homes for sale next year.
After two years of record high sales, data shows the housing market is starting to cool down.
The effects will strain the pocketbooks of not only the property owners, but also the cities and counties who rely on those property taxes.
Approximately 92% of homeowners accepted 'some buyer-friendly terms' when selling their home last month.
Here are the top 10 U.S. cities that had the highest share of sellers who dropped their asking prices in July as more buyers backed out of the market.
Rents in many U.S. cities continue to remain high, particularly along the coasts. But renters in the heartland are enjoying more affordable prices, as well as some areas of the South.
The price of rent increased across the U.S. between 2021 and 2022, but many of the cities with the highest rent are in western or southern states, according to Rent.com.
New single-family home purchases tumbled 8.1% to a seasonally adjusted annual rate of 590,000 units, the lowest level since April 2020.
Boise had the most sellers drop their asking prices. Denver and Salt Lake City were next as fears of inflation and recession rise.
In one city, home prices are down more than 60%.
Rents are up 14.1% over the same time last year — they’ve hit record levels every month for the past 16 months.
U.S. homebuilder confidence for single-family homes posted its seventh straight monthly decline in July, another sign of a weakening housing market.
"This research shows how seemingly minor home improvements can make a big difference in the way a potential buyer views and values a home," Zillow said.
The home that belonged to Hollywood icon Great Garbo for nearly 40 years still drips with old Hollywood flare and measures 3,293 square feet.
The rise in mortgage rates is pricing out buyers.
The movie wasn’t filmed at the home, but it was based on the experiences of a family that lived there in the 1970s.
Signed contracts dropped by nearly double what analysts expected in April.
The house has been listed for $162,000 and features three bedrooms and three bathrooms.
Home sales are falling as interest rates rise, but when will we see home prices go down? Experts say not quite yet.