US Existing-Home Prices Decline for Third Consecutive Week

On Thursday, Redfin reported that US existing-home prices declined year-over-year for the third consecutive week, following three years of annual increases.

The median home-sale price was $388,604 during the four-week period ending November 1, down 0.4% year-over-year.

The median monthly mortgage payment declined to a five-week low of $2,777 on a seasonally adjusted basis, down from a peak of $2,811 in early October. Redfin attributed the decline to easing mortgage rates and home-sale prices.

Housing market activity also slowed. Pending home sales fell 0.6% weekly to their lowest level in records dating back to 2021, while new listings declined 1.5% to their lowest level since January.

Redfin noted that slower market conditions are giving buyers more room to negotiate prices and other concessions. The number of homes for sale was 2.1% higher than a year earlier, while homes were taking slightly longer to sell.