Rainbow City's real estate market is experiencing a price correction, with values down 7.2% from last year. Home prices have increased 7.5% in the past month alone. With 2.9 months of supply, Rainbow City's inventory levels remain relatively tight. Properties are selling within just 19 days on average, much faster than the historical norm of 52 days. A significant 55.0% of listings experienced price reductions, indicating sellers may be adjusting to market realities. Approximately 28.6% of homes sold above list price, indicating some competitive segments within the market. Affordability remains a significant challenge in the Rainbow City market with the affordability index at 199.4. Market projections suggest continued price appreciation in the coming months as demand outpaces supply.
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