US home asking prices fall 0.3%, first annual decline since March
SPY•U.S. asking prices fell 0.3% year over year, the first decline since March. Pending home sales fell 12.7%, while price cuts reached a record 22% of active listings and weekly mortgage rates hit 7.4%.
1. Housing market figures
Redfin’s Oct. 15 report showed U.S. asking prices fell 0.3% year over year, the first decline since March. Median sale prices rose 0.5% to $391,116 in the four weeks ended Oct. 11, the slowest growth since March, while pending home sales fell 12.7% year over year and remained near record lows despite a 1.5% weekly increase.
2. Rates and supply
Weekly mortgage rates reached 7.4% on Oct. 8, a three-year high, and typical monthly payments totaled $2,777, near record highs. Price cuts reached a record 22% of active listings, while housing supply increased 2% year over year.
