Weekly Market Update

Prices are down 3% in Austin, TX, more than any other metro, as near-record housing costs push homebuyers away. Nationwide, price drops are at their highest level since November 2022, suggesting more metros may soon see sale prices decline.  Home-sale prices are declining year over year in four major U.S. metros, three of them in […]

More home sellers are cutting their asking price, suggesting sale-price growth could soften in the coming months. But this week, the median sale price rose to another record high, pricing out some buyers.  Nationwide, 6.4% of home sellers cut their asking price during the four weeks ending May 26, on average, the highest share since

Prices keep rising because this spring’s inventory is lower than usual. The sliver of good news for buyers is that mortgage rates have declined slightly.  The median U.S. home-sale price hit a record $387,600 during the four weeks ending May 19, up 4% from a year earlier. Weekly average mortgage rates dipped to 7.02% from

Pending home sales are down and new listings are flat during a time of year when they typically rise. But this week’s softer-than-expected inflation report sent mortgage rates down, which could bring back some homebuyers and sellers.  Pending home sales fell 4.3% from a year earlier during the four weeks ending May 12, the biggest

High home prices and rates sent home sellers and buyers to the sidelines in April and the start of May. But last week’s encouraging economic news drove mortgage rates down a bit, which could bring back prospective sellers and house hunters.  The median U.S. monthly housing payment hit an all-time high of $2,894 during the

Inventory is below typical April levels, driving home prices up. Continually rising mortgage rates are further eroding affordability–and this week’s Fed meeting confirmed that mortgage rates are likely to hold steady for the foreseeable future. The median home-sale price rose from a year earlier or stayed the same in all 50 of the most populous