U.S. Median Home-Sale Prices Decline in October for First Time in Three Years
U.S. median home-sale prices fell 0.4% year-over-year to $388,634 in October, marking the first monthly decline since May 2023. This shift comes as mortgage rates climbed to a three-year high of 7.33%, cooling demand and driving pending home sales to their lowest level since 2013 (excluding the pandemic period). While national prices are softening, certain metro areas like San Francisco continue to see rapid growth due to AI-driven wealth. The housing market is transitioning toward a buyer's market as inventory reaches its highest level since early 2020. Although high interest rates have limited affordability, the increase in available homes and the slight dip in prices may provide much-needed relief for prospective buyers. Significant regional disparities remain, with Austin seeing the sharpest declines while New York City and San Francisco maintain upward price momentum.
Topics: home sale prices housing inventory market trends mortgage rates
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Part of the story U.S. Median Home Prices Decline for First Time in Three Years (4 articles)