Redfin Report: U.S. Home Prices and Mortgage Payments Decline for Four Consecutive Weeks
U.S. home-sale prices have declined for the fourth consecutive week, with the median sale price falling to $388,613, a 0.9% decrease year-over-year. This downward trend in pricing, combined with dipping mortgage rates, has provided some relief to homebuyers despite pending sales remaining at their lowest levels since 2021. Monthly mortgage payments reached a six-week low of $2,755, supported by an average weekly mortgage rate of 7.18%. While rates recently saw a slight uptick following a hot inflation report, the housing market remains characterized by steady supply and significant negotiating power for buyers, particularly in the condo sector where sellers outnumber buyers two to one.
Topics: home prices housing market mortgage rates pending home sales
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Part of the story Redfin Report: U.S. Home Prices and Mortgage Payments Decline for Four Consecutive Weeks (6 articles)