According to a new report from Redfin, U.S. home prices have declined for the third consecutive week, offering some welcome relief to prospective homebuyers. For the four weeks ending November 1, the median home-sale price fell 0.4% year over year to $388,604, following nearly three years of increases. The typical monthly mortgage payment also declined to $2,777, its lowest level in five weeks, as home prices and mortgage rates eased.
Despite improving affordability, buyer activity remains sluggish, with pending home sales, which measures signed contracts on existing single-family homes, co-ops and condominiums, dropping 16.4% year over year to their lowest level in Redfin’s records dating back to 2021. New listings also declined, but overall housing inventory remains 2.1% higher than a year ago, giving buyers more options and less competition.
The encouraging news for homebuyers is that the slower market is creating opportunities to negotiate lower prices, request seller concessions, and potentially secure more favorable purchase terms. While affordability remains a challenge, these shifting market conditions could make now an attractive time for buyers who are financially prepared to enter the market.
Source : https://bit.ly/3Wv1Xui
By: Jon Iacono