The downturn in the housing market is beginning to bite with the national average house price dropping below $1 million for the first time since September.
Industry leaders say the slowing housing market should offer millennials some hope, despite home affordability for first-home buyers being the worst it has been in 65 years.
The number of houses sold fell 35 percent from a year ago, and the median number of days to sell increased by nine to 38 days, latest Real Estate Institute figures show.