U.S. Home Prices Decline for Third Consecutive Week as Monthly Mortgage Payments Drop
The U.S. housing market is experiencing a cooling trend, with median home-sale prices falling to $388,604, marking the third straight weekly decline year-over-year. This downward pressure on prices, combined with slowly receding mortgage rates, has resulted in median monthly mortgage payments hitting a five-week low of $2,777. Market activity has slowed significantly, with pending home sales reaching their lowest level since 2021 records began. While new listings have also dropped to their lowest levels since January due to reduced demand, the overall inventory remains slightly higher than last year. This shift is creating a more balanced market environment, offering buyers increased negotiation leverage and more options compared to previous years.
Topics: home prices housing market mortgage rates real estate trends
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Part of the story Redfin Report: U.S. Home Prices and Mortgage Payments Decline for Four Consecutive Weeks (6 articles)