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U.S. Home Sale Prices Dip for the First Time in More Than Three Years

Digilifetrends Published 3 min read

The typical monthly mortgage payment remains near a record high, continuing to deter many prospective buyers.

U.S. Home Sale Prices Dip for the First Time in More Than Three Years

SEATTLE /PRNewswire/ -- A new Redfin report says the median U.S. home-sale price has slipped for the first time in more than three years.

Here are the key takeaways from the four weeks ending Oct. 25:

  • Home-sale prices edged lower. The median sale price came in at $389,601, down 0.1% from a year earlier. It was the second week in a row of declines after three consecutive years of gains.

  • Buyer demand weakened further. Pending home sales fell 1.8% from the previous week, reaching their lowest level in records going back to 2021. Pending sales declined in all 50 of the most populous U.S. metro areas for a third straight week.

  • Monthly housing costs stayed extremely high. The median mortgage payment reached $2,786, up 10.7% year over year and the second-highest level in Redfin's records. The weekly average mortgage rate stood at 7.32%, down from 7.4% a week earlier but still close to a three-year high.

  • Potential sellers pulled back. New listings fell 0.6% from the prior week to their lowest level since the start of the year as homeowners responded to sluggish demand.

  • Inventory continued to inch up. Total homes for sale rose 0.3% from the prior week. Even with fewer new listings, pending sales are falling faster, leaving the market with hundreds of thousands more sellers than buyers nationwide and giving buyers more leverage than they have had in more than a decade.

For economists' commentary, visit Redfin's From Our Economists page.

Key Housing Market Data

U.S. highlights: Four weeks ending Oct. 25. Redfin's national metrics include data from 900+ U.S. metro areas and are based on homes listed and/or sold during the period. Weekly housing-market data goes back through 2021. Subject to revision.

Four weeks ending Oct. 25

Year-over-year change

Week-over-week change (where applicable)

Notes

Median sale price

$389,601

-0.1%

First decline in over 3 years

Median asking price (seasonally adjusted)

$400,703

1.2%

Median monthly mortgage payment (seasonally adjusted)

$2,786 at a 7.32% mortgage rate

10.7%

Highest level in Redfin's records

Pending sales (seasonally adjusted)

276,352

-15.9%

-1.8%

Lowest level in Redfin's records

New listings (seasonally adjusted)

352,421

-4%

-0.6%

Lowest level since January

Active listings (seasonally adjusted)

1,510,619

2.2%

0.3%

Months of supply

4.5

Up from 4

4 to 5 months of supply is considered balanced

Share of homes off market in two weeks

27.5%

Down from 28.5%

Median days on market

Share of home listings with price drops

21.5%

Up from 20.9%

Share of homes sold above list price

23.2%

Unchanged

Average sale-to-list price ratio

98.3%

Unchanged

Metro-level highlights: Four weeks ending Oct. 25. Redfin's metro-level rankings data includes the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy.

Metros with biggest year-over-year increases

Metros with biggest year-over-year decreases

Notes

Median sale price

San Francisco (15%) New Brunswick, NJ (8.4%) Pittsburgh (7.4%) Montgomery County, PA (6.2%) Cleveland (4.9%)

Seattle (-5.1%) San Jose, CA (-4.9%) Austin, TX (-4.6%) Kansas City, MO (-4.3%) Nashville, TN (-3.3%)

Pending sales

Seattle (-31.6%) Atlanta (-25.9%) San Diego (-25.3%) Las Vegas (-22.7%) Denver (-22.3%)

Declined in every single metro Redfin analyzed

New listings

San Jose, CA (17.9%) Newark, NJ (14.4%) Boston (12.8%) Nashville, TN (9.1%) San Francisco (8.5%)

Atlanta (-26.5%) San Antonio (-18.7%) Dallas (-17.6%) Austin, TX (-12.9%) Minneapolis (-8%)

For more national and metro-level housing-market statistics, visit Redfin's data center.

To view the full report, visit the Redfin housing market update page.

About Redfin: Redfin is a technology-driven real estate company with the country's most-visited real estate brokerage website. As part of Rocket Companies, Redfin is building an integrated homeownership platform from search to close to make homeownership more affordable and accessible. Customers can tour homes on demand, apply for a mortgage through Rocket Mortgage, and save on fees while working with a local agent.

More information about Redfin, along with the latest housing market data and research, is available on Redfin's news site. For more about Rocket Companies, visit its corporate website.

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SOURCE Redfin

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