Redfin: U.S. Home Sale Prices Post Their First Year-Over-Year Decline in Over Three Years as Pending Sales Fall to a Record Low
Redfin, the Seattle, Washington-based brokerage, reported in its housing market update on October 29 that the median U.S. home sale price was $389,601 in the four weeks ending October 25, down 0.1 percent from a year earlier, the first year-over-year decline in more than three years.
Demand weakened more sharply: pending sales, seasonally adjusted, totaled 276,352, down 15.9 percent year over year and the lowest in Redfin records going back to 2021. Pending sales fell in all 50 of the largest metro areas for a third straight week.
On the supply side, active listings stood at 1,510,619, up 2.2 percent from a year earlier, equal to 4.5 months of supply.
The median monthly mortgage payment was $2,786, up 10.7 percent year over year, at a 7.32 percent average mortgage rate. Redfin said elevated payments in a high-rate environment are keeping buyers on the sidelines, driving both the price decline and the record-low pending sales.
Source: GSM · USA (original Chinese edition)
Photo: 待售房屋标牌（资料图）。CC BY 2.0，经 Wikimedia Commons。 / A 'for sale' sign outside a home (file photo). CC BY 2.0, via Wikimedia Commons.
