Posted February 11, 2018 10:17:56 The Home, an online store and service center for homebuyers and sellers, has a $50 million funding round led by Amazon and the Chinese tech giant Tencent, the company announced on Tuesday.
The deal comes at a time when homebuyer confidence has dropped in the U.S. market.
Home prices fell 6.4% in February to a seasonally adjusted annual rate of $3,721, the biggest decline since March 2017, according to Trulia.
But the pace of declines has slowed, with the average price of a single-family home falling 3.7% in the past 12 months.
The average price for a 2-bedroom apartment dropped 4.5% in that same time period, Trulia reported in February.
The price of condos and townhouses fell 5.9% and 7.4%, respectively.
Trulia’s index of the 10-year price-to-income ratio, a measure of how much the median family income has fallen over a 10-month period, has dropped to a historic low of 49.7.
A similar index of median household incomes rose to 47.9 in April.
“Home prices and home equity values have been trending down in the last couple of years,” said Eric Johnson, chief economist at Trulia, in a statement.
“Homeowners are now looking for more affordable housing and are hesitant to make a move out of their hometown.”
Home Depot plans to open its first store in Las Vegas, Nevada, in 2019, and it is also working on a second location in Chicago.
The company will open three new stores in the coming months, Johnson said.