Redfin: U.S. Home Prices Fell 0.4% Year Over Year in October to $388,634, the First Decline Since May 2023
The median U.S. home-sale price fell 0.4% year over year in October to $388,634, the first annual decline since May 2023, according to a Redfin report published November 10. The drop ends a three-year streak of monthly year-over-year gains and marks a sharp slowdown from August's 2.5% increase.
Sales weakened alongside prices. Pending home sales fell 3.6% month over month on a seasonally adjusted basis to their lowest level since 2013, excluding April 2020, and declined in all of the most populous metros for the second straight month. Closed sales fell 2.1% to the lowest since December 2023. High borrowing costs are the backdrop: the average 30-year fixed mortgage rate in October was 7.33%, a three-year high, up from 6.86% in September. Among homes that did sell, 61% went for less than their original list price, and 36% had taken at least one price drop, the highest share in Redfin's records.
Chen Zhao, Redfin's head of economics research, said the market has tilted toward buyers and that shoppers should not be shy about negotiating, including asking for repairs and concessions. The report was written by Dana Anderson. (Source: Redfin)
Source: Redfin
Published by GSM · USA (original Chinese edition)
Photo: 图片来源：Wikimedia Commons「Craftsman House (2405601272).jpg」（David Sawyer from Rancho Murieta, California, United States 摄，CC BY-SA 2.0），图中为一栋美式工匠风格住宅 Image: Wikimedia Commons "Craftsman House (2405601272).jpg" (by David Sawyer from Rancho Murieta, California, United States, CC BY-SA 2.0), An American Craftsman-style home
