(WWLP) – Home prices have been on a downward trend lately as demand wanes and supply builds. With these factors, home prices are quickly dropping.

Rising mortgage rates and inflation have caused housing demand to drop this past month. According to experts, this is the quickest drop in price gains on record, falling by 2%. The price drop will not affect the average homeowner as much.

Those who have purchased a home in the last year will see the biggest change. Price drops could cause borrowers to edge lower in their equity position.