Home prices around the US are being cut at a faster pace as inventory piles up

• US home prices are falling faster as sellers try to entice buyers fatigued by high mortgage rates.
• The share of homes on the market that saw a price cut rose to over 16% last month, per Realtor.com.

Home buyers may start feeling some relief soon, as house prices in the US are being slashed at faster clip.

The share of homes for sale that saw a price cut rose to 16.6% in May, according to Realtor.com data, up from 12.7% in the same month last year.

Price cuts are also taking place in more markets across the US, with 46 of the 50 largest metropolitan housing markets seeing a price cut last month. That's up from just 44 metro areas the prior month.

Price declines are largely attributed to the growing number of homes sitting on the market. Housing inventory rose 34.2% year over year in May and listed properties spent an average of 44 days on the market before sale, Realtor.com said.

"With greater inventory and a slower time on the market, it is possible that price growth might continue to decelerate further until the market sees a meaningful decline in mortgage rates," Sabrina Speianu, Realtor.com's economic-data manager, said in a note.

Price cuts are good news for homebuyers who have been waiting for the housing market to loosen up. According to Redfin data, home sales slumped to one of the lowest levels on record in May, largely due to high mortgage rates and record-high home prices.

The median home price in the US rose to a record high of $439,716 in May, per Redfin. Meanwhile, the 30-year fixed-mortgage rate eased last week but remained close to 7%, according to Freddie Mac.