Home prices cooled only marginally in June, falling just 1 percent from their peak last year, according to a new report. The report from real estate brokerage Redfin found that the typical home is selling for $383,000, about $4,000 lower than their record high last June, as a lack of homes for sale have kept prices from falling lower. This is also the smallest year-over-year drop in four months, the report found. A lack of availability is sustaining the high prices, the report notes, with new listings falling 27 percent from a year earlier during the four weeks ending June 25. This is the biggest drop since the beginning of the pandemic. Persistently high mortgage rates a
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