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