Home Prices Increase Only 3.2% Year-Over-Year in the Week Ending November 6th

According to the latest report from Redfin, for the four-week period ending on November 6th, home sale prices increased 3.2% year-over-year. This is the smallest increase since July 2020, according to Redfin.

The median home sale price has fallen 8.4% from its all-time high in June 2022, when the average 30-year fixed mortgage rate was over a point lower than it is now. Home prices increased 0.5% during the same period in 2021.

Redfin says that early-stage demand may be leveling off, as serious homebuyers who must be in the marketplace are now growing accustomed to mortgage rates near 7% and their ability to negotiate with sellers on price and terms improved.

Last week, mortgage purchase applications ticked up after six weeks of steady declines. Buyers’ requests for home tours and other home-buying services (for Redfin agents) increased 2.8% in the week ending November 6th.

FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.