Homebuyer slowdown: real estate sales down 3.4% while sale prices up 4.3%

The average rate on a 30-year mortgage has been stuck near 7% since the middle of April 2024. 

In the four weeks ended May 26, 2024, the median sale price was up 4.3% from a year earlier to a record $390,613, according to Redfin. 

Median asking price $416,623.

Pending sales down 3.4%.

New listings up 7.8%.

Active listings up 15.2% (highest level since December 2022).

Median mnthly mortgage payment $2812 at a 6.94% mortgage rate up 7.3%.

Nationwide on average, 6.4% of home sellers dropped their asking price during the four weeks ending May 26,  2024  the highest share since November 2022.

Homebuyers Are Starting to Revolt Over Steep Prices Across US - Yahoo! Finance

Price Drops Hit Highest Level in 18 Months As High Rates Dampen Buyer Demand - Redfin