Inflation has begun to slow, which is already helping bring daily mortgage rates down. However, a longer trend of lower inflation is needed for sustained rate relief. Home-sale prices rose 3.2% year over year during the four-week period ending November 6, the smallest increase since July 2020. The median home sale price has fallen 8.4%
A few measures of homebuying demand ticked up in the last week of October, a month that saw one-third fewer pending sales than a year earlier.
Fewer homes are pending sale than in any October since at least 2015. Six metro areas are now experiencing year-over-year price declines.
Home prices remain elevated due to low supply, but early demand signals weakened sharply last week.
Sellers should adjust their price to stay competitive as mortgage rates approach 7%.
Few people are choosing to buy homes with mortgage rates well above 6%; even fewer homeowners want to sell.
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