While the residential real estate market has largely been tipped in the favor of home sellers, increased inventory is leading to more price cuts. This has led to sale price growth stagnation.

Zillow’s Home Value Index for homes in Hartford only increased by 4.1 percent on a year-to-year basis, while 14.2 percent of homes have had a price cut, according to a new report from Zillow.

“Homebuyers today have a few factors in their favor: Rates are lower than last year, they have more homes to choose from and sellers are cutting prices at record rates,” Zillow senior economist Kara Ng said in a statement. “But they still face major obstacles, particularly saving up enough for a down payment and finding a home within their budget. Many families looking to upsize are realizing it’s cheaper to rent a starter home than to buy one.”

Across the nation, the number of available homes to buy increased to 1.3 million, the largest amount of inventory available in any month since July 2020. Additionally, a quarter of homes had a price cut, according to Zillow.

But homebuyers still face challenges. Rent for a typical single-family home in the United States is roughly $100 cheaper per month than the mortgage payment on the typical U.S. home, even after a 10 percent down payment. Six years ago, renting was $373 more expensive than buying.

In Hartford, renting is more expensive than a typical mortgage by $20.