{"id":75401,"date":"2022-11-10T10:19:25","date_gmt":"2022-11-10T18:19:25","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=75401"},"modified":"2022-11-10T12:15:48","modified_gmt":"2022-11-10T20:15:48","slug":"housing-market-update-annual-home-price-growth-slows","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-annual-home-price-growth-slows\/","title":{"rendered":"Housing Market Update: Annual Home Price Growth Slows to 3%"},"content":{"rendered":"<p><i><span style=\"font-weight: 300;\">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. <\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">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% since reaching an all-time high in June, when the average 30-year fixed mortgage rate was over a point lower than it is now. Home prices <\/span><i><span style=\"font-weight: 400;\">rose<\/span><\/i><span style=\"font-weight: 400;\"> half a percent during the same period last year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Early stage demand may be leveling off as serious homebuyers who must be in the market now grow accustomed to mortgage rates near 7% and their ability to negotiate with sellers on price and terms improves. Mortgage purchase applications ticked up last week after six weeks of declines. Redfin\u2019s Homebuyer Demand Index\u2014a measure of requests for home tours and other home-buying services from Redfin agents\u2014increased 2.8% in the week ending November 6.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThis morning\u2019s report that the overall inflation rate is finally starting to back off <\/span><span style=\"font-weight: 400;\">makes it even more likely that the<\/span><span style=\"font-weight: 400;\"> Fed will slow their rate increase to 50 basis points next month,&#8221; said Redfin Deputy Chief Economist <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/taylormarr\/\"><span style=\"font-weight: 400;\">Taylor Marr<\/span><\/a><span style=\"font-weight: 400;\">. \u201cThe inflation news is already helping to bring daily mortgage rates down<\/span><span style=\"font-weight: 400;\">. However, Chair Powell has indicated that inflation would need to slow for several consecutive months before the Fed would lower its target for how high it raises rates next year.\u201d<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cStill-high home prices are propping up inflation,\u201d Marr continued. \u201cBut things are changing fast&#8211;faster than the numbers we have would suggest. The employment numbers that came out today don\u2019t reflect this week\u2019s layoffs, and prices of the past month\u2019s closed sales don\u2019t reflect the contracts homebuyers are signing with sellers today. The buyers who remain in this market are likely getting much better deals than the median asking or sale price reflects. The typical home now sells for less than asking, price drops remain at a record high and seller concessions are becoming increasingly common.\u201d<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Leading indicators of homebuying activity:<\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">For the week ending November 10, <\/span><a href=\"http:\/\/www.freddiemac.com\/pmms\/\"><span style=\"font-weight: 400;\">30-year mortgage rates increased to 7.08%<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Fewer people <\/span><a href=\"https:\/\/trends.google.com\/trends\/explore?date=2021-01-01%202022-11-06&amp;q=homes%20for%20sale#cmpt=q\"><span style=\"font-weight: 400;\">searched for \u201chomes for sale\u201d on Google<\/span><\/a><span style=\"font-weight: 400;\"> than this time in 2021. Searches during the week ending November 5 were down 28% from a year earlier, but ticked up a point from the previous week.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The seasonally adjusted Redfin Homebuyer Demand Index\u2014a measure of requests for home tours and other home-buying services from Redfin agents\u2014 was up 2.8% week over week during the week ending November 6 but down 34% year over year during the four weeks ending November 6.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Touring activity as of November 6 was down 30% from the start of the year, compared to a 4% increase at the same time last year, <\/span><a href=\"https:\/\/www.showingtime.com\/impact-of-coronavirus\/\"><span style=\"font-weight: 400;\">according to home tour technology company ShowingTime<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Mortgage purchase applications during the week ending November 4 <\/span><a href=\"https:\/\/www.mba.org\/news-and-research\/newsroom\/news\/2022\/11\/09\/mortgage-applications-decrease-in-latest-mba-weekly-survey\"><span style=\"font-weight: 400;\">increased 1%<\/span><\/a><span style=\"font-weight: 400;\"> week over week, seasonally adjusted. Purchase applications were down 41% from a year earlier.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Key housing market takeaways for 400+ U.S. metro areas:<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Unless otherwise noted, the data in this report covers the <\/span><b>four-week period ending November 6<\/b><span style=\"font-weight: 400;\">. Redfin\u2019s weekly housing market data goes back through 2015.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Data based on homes listed and\/or sold during the period:<\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The median home sale price was $359,250, up 3% year over year, the slowest sale-price growth since the beginning of the pandemic.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Home-sale prices fell from a year earlier in six U.S. metro areas: Prices declined 6% year over year in <a href=\"https:\/\/www.redfin.com\/city\/17151\/CA\/San-Francisco\">San Francisco<\/a>, 6% in <a href=\"https:\/\/www.redfin.com\/county\/760\/IL\/Lake-County\">Lake County, IL<\/a>, 3% in <a href=\"https:\/\/www.redfin.com\/city\/19009\/CA\/Stockton\">Stockton, CA<\/a>, and less than 1% in <a href=\"https:\/\/www.redfin.com\/city\/13654\/CA\/Oakland\">Oakland, CA<\/a>, <a href=\"https:\/\/www.redfin.com\/city\/17420\/CA\/San-Jose\">San Jose, CA<\/a> and <a href=\"https:\/\/www.redfin.com\/city\/15702\/PA\/Pittsburgh\">Pittsburgh, PA<\/a>.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Among metro areas with at least 500 pending sales during the period, pending sales fell the most from a year ago in <a href=\"https:\/\/www.redfin.com\/city\/10201\/NV\/Las-Vegas\">Las Vegas<\/a> (-55%), <a href=\"https:\/\/www.redfin.com\/city\/11458\/FL\/Miami\">Miami<\/a> (-49%), <a href=\"https:\/\/www.redfin.com\/city\/16163\/WA\/Seattle\">Seattle<\/a> (-48%), <a href=\"https:\/\/www.redfin.com\/city\/30772\/OR\/Portland\">Portland, OR<\/a> (-47%), <a href=\"https:\/\/www.redfin.com\/city\/14240\/AZ\/Phoenix\">Phoenix<\/a> (-46%), <a href=\"https:\/\/www.redfin.com\/city\/15935\/CA\/Riverside\">Riverside, CA<\/a> (-46%) and <a href=\"https:\/\/www.redfin.com\/city\/30756\/GA\/Atlanta\">Atlanta, GA<\/a> (-45%).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The median asking price of newly listed homes was $372,475, up 7% year over year but down 7% from a record high of $399,975 in May.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The monthly mortgage payment on the median-asking-price home was $2,542 at the current 7.08% mortgage rate, up 50.7% from $1,687 a year earlier, when mortgage rates were 2.98% and up from a recent low of $2,203 during the four-week period ending August 14.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Pending home sales were down 34% year over year, the largest decline since at least January 2015, as far back as this data goes.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">New listings of homes for sale were down 17% from a year earlier.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Active listings (the number of homes listed for sale at any point during the period) were up 10% from a year earlier.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Months of supply\u2014a measure of the balance between supply and demand, calculated by dividing the number of active listings by closed sales\u2014was 3.3 months, the highest level since June 2020.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">34% of homes that went under contract had an accepted offer within the first two weeks on the market, little changed from the prior four-week period but down from 40% a year earlier.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">22% of homes that went under contract had an accepted offer within one week of hitting the market, little changed from the prior four-week period but down from 28% a year earlier.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Homes that sold were on the market for a median of 35 days, up more than a week from 27 days a year earlier and up from the record low of 17 days set in May and early June.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">28% of homes sold above their final list price, down from 43% a year earlier and the lowest level since July 2020.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">On average, a record 7.9% of homes for sale each week had a price drop, up from 3.6% a year earlier.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The average sale-to-list price ratio, which measures how close homes are selling to their final asking prices, fell to 98.7% from 100.4% a year earlier. This was the lowest level since July 2020.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Refer to our <\/span><a href=\"https:\/\/www.redfin.com\/news\/data-center-metrics-definitions\/\"><span style=\"font-weight: 400;\">metrics definition page<\/span><\/a><span style=\"font-weight: 400;\"> for explanations of all the metrics used in this report.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-75402 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/median-sale-price-11.9.png\" alt=\"\" width=\"1070\" height=\"796\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/median-sale-price-11.9.png 1070w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/median-sale-price-11.9-300x223.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/median-sale-price-11.9-1024x762.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/median-sale-price-11.9-768x571.png 768w\" sizes=\"(max-width: 1070px) 100vw, 1070px\" \/><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-75403 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/median-asking-price-11.9.png\" alt=\"\" width=\"1075\" height=\"796\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/median-asking-price-11.9.png 1075w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/median-asking-price-11.9-300x222.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/median-asking-price-11.9-1024x758.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/median-asking-price-11.9-768x569.png 768w\" sizes=\"(max-width: 1075px) 100vw, 1075px\" \/><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-75404 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/mortgage-payments-11.10.png\" alt=\"\" width=\"1074\" height=\"793\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/mortgage-payments-11.10.png 1074w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/mortgage-payments-11.10-300x222.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/mortgage-payments-11.10-1024x756.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/mortgage-payments-11.10-768x567.png 768w\" sizes=\"(max-width: 1074px) 100vw, 1074px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-75405 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/PENDING-SALES.png\" alt=\"\" width=\"1152\" height=\"793\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/PENDING-SALES.png 1152w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/PENDING-SALES-300x207.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/PENDING-SALES-1024x705.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/PENDING-SALES-768x529.png 768w\" sizes=\"(max-width: 1152px) 100vw, 1152px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-75406 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/new-listings-11.9.png\" alt=\"\" width=\"1072\" height=\"802\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/new-listings-11.9.png 1072w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/new-listings-11.9-300x224.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/new-listings-11.9-1024x766.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/new-listings-11.9-768x575.png 768w\" sizes=\"(max-width: 1072px) 100vw, 1072px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-75407 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/active-listings-11.9.png\" alt=\"\" width=\"1069\" height=\"795\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/active-listings-11.9.png 1069w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/active-listings-11.9-300x223.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/active-listings-11.9-1024x762.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/active-listings-11.9-768x571.png 768w\" sizes=\"(max-width: 1069px) 100vw, 1069px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-75408 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/months-of-supply-11.9.png\" alt=\"\" width=\"1075\" height=\"794\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/months-of-supply-11.9.png 1075w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/months-of-supply-11.9-300x222.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/months-of-supply-11.9-1024x756.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/months-of-supply-11.9-768x567.png 768w\" sizes=\"(max-width: 1075px) 100vw, 1075px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-75409 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/two-weeks-11.9.png\" alt=\"\" width=\"1070\" height=\"801\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/two-weeks-11.9.png 1070w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/two-weeks-11.9-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/two-weeks-11.9-1024x767.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/two-weeks-11.9-768x575.png 768w\" sizes=\"(max-width: 1070px) 100vw, 1070px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-75410 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/one-week-11.9.png\" alt=\"\" width=\"1076\" height=\"796\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/one-week-11.9.png 1076w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/one-week-11.9-300x222.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/one-week-11.9-1024x758.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/one-week-11.9-768x568.png 768w\" sizes=\"(max-width: 1076px) 100vw, 1076px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-75411 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/days-on-market-11.9.png\" alt=\"\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/days-on-market-11.9.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/days-on-market-11.9-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/days-on-market-11.9-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/days-on-market-11.9-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-75412 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/sold-above-list-11.9.png\" alt=\"\" width=\"1072\" height=\"795\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/sold-above-list-11.9.png 1072w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/sold-above-list-11.9-300x222.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/sold-above-list-11.9-1024x759.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/sold-above-list-11.9-768x570.png 768w\" sizes=\"(max-width: 1072px) 100vw, 1072px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-75413 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/price-drops-11.9.png\" alt=\"\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/price-drops-11.9.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/price-drops-11.9-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/price-drops-11.9-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/price-drops-11.9-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-75415 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/sale-to-list-10.9.png\" alt=\"\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/sale-to-list-10.9.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/sale-to-list-10.9-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/sale-to-list-10.9-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/sale-to-list-10.9-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-75414 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/demand-index-11.9.png\" alt=\"\" width=\"1072\" height=\"795\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/demand-index-11.9.png 1072w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/demand-index-11.9-300x222.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/demand-index-11.9-1024x759.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/11\/demand-index-11.9-768x570.png 768w\" sizes=\"(max-width: 1072px) 100vw, 1072px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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% [&hellip;]<\/p>\n","protected":false},"author":13505,"featured_media":75418,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8,615],"tags":[36,20],"dashboard":[],"coauthors":[62],"class_list":["post-75401","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","category-weekly-market-update","tag-economics","tag-housing-affordability"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Housing Market Update: Annual Home Price Growth Slows to 3%<\/title>\n<meta name=\"description\" content=\"Inflation has begun to slow, which is already helping bring daily mortgage rates down. 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