Housing Market Flips as Home Prices Fall, Rents Rise for First Time in 3 Years
Summary
U.S. home-sale prices fell 0.1% year over year in the four weeks ending October 25, the first decline in more than three years, as mortgage costs weighed on buyer demand. Nationwide rents rose 0.1% in October, their first increase in three years, while the apartment vacancy rate remained high but had begun to decline.Key Facts
- Redfin reported a median home-sale price of $389,601 for the four weeks ending October 25.
- Sellers cut asking prices on 21.5% of homes for sale, up from 20.9% a year earlier.
- The average 30-year fixed mortgage rate was 7.24% on October 29, compared with 6.17% a year earlier.
- The median mortgage payment reached $2,786 in the week ending October 25, up 10.7% from a year earlier.
- Pending home sales fell 1.8% in the week ending October 25, reaching their lowest level in records dating to 2021.
- Seattle had the largest listed annual home-price decline among the metros cited, at 5.1%.
- Apartment List reported a national median rent of $1,384 in October, up 0.1% from the previous month.
- The national multifamily vacancy rate was 7% and had declined from its peak earlier in the year.
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