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.
Coverage
- Redfin Report: U.S. Home Prices and Mortgage Payments Decline for Four Consecutive Weeks
- Mortgage rates down for third straight week
- U.S. Mortgage Rates Decline for Third Consecutive Week
- U.S. Home Prices Decline for Third Consecutive Week as Monthly Mortgage Payments Drop
- Mortgage Applications Decline Despite Falling Interest Rates
- Mortgage Rates Decline for Third Consecutive Week Amid Falling Homebuyer Demand