US home-sale prices fall 0.4% in October, first annual decline since 2023, Redfin says
SPY•U.S. median home-sale prices fell 0.4% year over year to $388,634 in October, the first annual decline since May 2023. Pending sales fell 3.6% month over month to their lowest level since 2013, while inventory rose 0.9% from September.
1. Prices and sales weaken
U.S. median home-sale prices fell 0.4% year over year to $388,634 in October, the first decline since May 2023. Mortgage rates averaged 7.33%, a three-year high, and pending home sales dropped 3.6% from September to their lowest level since 2013, excluding April 2020.
2. Inventory and price cuts
Housing inventory rose 0.9% from September to its highest level since early 2020. Buyers paid below original asking prices in 61% of completed sales, and 36% of homes sold had undergone price cuts, a record share.
