Weekly Real Estate News
U.S. median home-sale prices slipped 0.1% year over year to $389,601 in the four weeks ending October 25, according to Redfin’s October 29 report. Seasonally adjusted pending sales fell to 276,352, down 15.9% annually and 1.8% from the previous week, the lowest level in Redfin’s records dating to 2021. Pending sales declined in all 50 of the most populous metropolitan areas for a third consecutive week. Active listings rose 2.2% annually to 1,510,619, with 4.5 months of supply. The typical monthly mortgage payment was $2,786, up 10.7% from a year earlier, based on a 7.32% mortgage rate. A decline in the median transaction price does not necessarily mean the value of comparable properties declined; changes in the mix of homes sold can affect the median. Data clarification: Redfin’s October 29 release describes two consecutive weekly annual price declines, but its October 22 release reported a positive 0.2% change. WRE News has not established whether revisions explain that discrepancy and is not repeating the two-week claim as independently confirmed.
Source: Original company or regulator announcement.
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