{"id":76478,"date":"2023-07-13T02:00:56","date_gmt":"2023-07-13T09:00:56","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=76478"},"modified":"2023-07-12T16:23:12","modified_gmt":"2023-07-12T23:23:12","slug":"housing-market-update-home-prices-rise-first-time-five-months","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-home-prices-rise-first-time-five-months\/","title":{"rendered":"Housing Market Update: U.S. Home Prices Rise For the First Time in Nearly Five Months"},"content":{"rendered":"<p><i><span style=\"font-weight: 400;\">Elevated mortgage rates are cutting into homebuyers\u2019 budgets; a buyer on a $3,000 monthly housing budget has lost $30,000 in purchasing power over the last five months. But this week\u2019s inflation report\u2013which shows that consumer prices are cooling quickly\u2013provides a glimmer of hope that mortgage rates could gradually start to come down.\u00a0<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">The median U.S. home-sale price rose 1.5% from a year earlier during the four weeks ending July 9, the first increase in nearly five months. Average weekly mortgage rates are at their highest level since November 2022, bringing the typical homebuyer\u2019s monthly payment to a near-record-high of $2,627.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To look at the hit on affordability another way, a homebuyer on a $3,000 monthly budget can afford a $450,000 home with today\u2019s average rate. That buyer has lost $30,000 in purchasing power since February, when they could have bought a $480,000 home with that month\u2019s average rate of around 6%. The drop is more extreme when compared to a year ago, when a $3,000 monthly budget would have bought a $510,000 home at a rate of about 5.3%.\u00a0<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-FEIwf\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"How much home can you buy on a variety of fixed monthly payments as mortgage rates change?\" src=\"\/\/datawrapper.dwcdn.net\/FEIwf\/6\/\" height=\"600\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",function(a){if(void 0!==a.data[\"datawrapper-height\"])for(var e in a.data[\"datawrapper-height\"]){var t=document.getElementById(\"datawrapper-chart-\"+e)||document.querySelector(\"iframe[src*='\"+e+\"']\");t&&(t.style.height=a.data[\"datawrapper-height\"][e]+\"px\")}})}();\n<\/script><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Prices are rising despite relatively low demand because there are so few homes for sale. New listings are down 27% year over year, the biggest drop since the start of the pandemic, and the total number of homes on the market is down 14%, the biggest drop since March 2022. That\u2019s mostly because potential sellers are locked in by low rates; <\/span><a href=\"https:\/\/www.redfin.com\/news\/high-mortgage-rates-lock-in-homeowners-2023\/\"><span style=\"font-weight: 400;\">nearly all<\/span><\/a><span style=\"font-weight: 400;\"> homeowners have a rate below 6%.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the bright side, this week\u2019s economic news provides a glimmer of hope for the housing market. The latest consumer-price index report shows that <\/span><a href=\"https:\/\/www.wsj.com\/articles\/consumer-price-index-report-june-inflation-ede7f4b1\"><span style=\"font-weight: 400;\">inflation cooled<\/span><\/a><span style=\"font-weight: 400;\"> more than expected in June, largely because it has started reflecting months of cooling housing costs.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThis month\u2019s inflation report is likely to bring mortgage rates down a bit from their recent highs. It shows that the Fed\u2019s interest-rate hikes are working and ups the chance they\u2019ll only hike rates one more time this year,\u201d said Redfin Economic Research Lead <a href=\"https:\/\/www.redfin.com\/news\/author\/chen-zhao\/\">Chen Zhao<\/a>. \u201cBecause elevated mortgage rates are responsible for both of today\u2019s major homebuying challenges\u2013high monthly housing payments and low inventory\u2013any decline is welcome news for buyers. But even though rates will come down slightly, they\u2019ll likely remain well above 6% until the Fed sees several more months of inflation readings closer to their target.\u201d\u00a0<\/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;\">The daily average 30-year fixed mortgage rate was <\/span><a href=\"https:\/\/www.mortgagenewsdaily.com\/mortgage-rates\/30-year-fixed\"><span style=\"font-weight: 400;\">6.96%<\/span><\/a><span style=\"font-weight: 400;\"> on July 12, down from a half-year high of 7.22% a week earlier. For the week ending July 6, the average 30-year fixed mortgage rate was <\/span><a href=\"https:\/\/www.freddiemac.com\/pmms\"><span style=\"font-weight: 400;\">6.81%<\/span><\/a><span style=\"font-weight: 400;\">, the highest level since November.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Mortgage-purchase applications during the week ending July 7 <\/span><a href=\"https:\/\/www.mba.org\/news-and-research\/newsroom\/news\/2023\/07\/12\/mortgage-applications-increase-in-latest-mba-weekly-survey\"><span style=\"font-weight: 400;\">rose 2%<\/span><\/a><span style=\"font-weight: 400;\"> from a week earlier, seasonally adjusted. Purchase applications were down 26% from a year earlier.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The seasonally adjusted Redfin Homebuyer Demand Index\u2013a measure of requests for home tours and other homebuying services from Redfin agents\u2013was essentially flat from the week earlier and near its highest level since May 2022 during the week ending July 9. It was up 5% from a year earlier, the seventh consecutive annual increase. Demand was dropping at this time in 2022 as mortgage rates fluctuated.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Google searches for \u201c<\/span><a href=\"https:\/\/trends.google.com\/trends\/explore?date=today%205-y&amp;q=homes%20for%20sale#cmpt=q\"><span style=\"font-weight: 400;\">homes for sale<\/span><\/a><span style=\"font-weight: 400;\">\u201d were up essentially flat from a month earlier during the week ending July 8, and down about 15% from a year earlier.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Touring activity as of July 9 was up 4% from the start of the year, compared with a 10% <\/span><i><span style=\"font-weight: 400;\">decrease<\/span><\/i><span style=\"font-weight: 400;\"> at the same time last year, according to home tour technology company <\/span><a href=\"https:\/\/www.showingtime.com\/impact-of-coronavirus\/\"><span style=\"font-weight: 400;\">ShowingTime<\/span><\/a><span style=\"font-weight: 400;\">. Tours increased slowly during this time last year as mortgage rates shot up.\u00a0<\/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 July 9<\/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<p><i><span style=\"font-weight: 400;\">For bullets that include metro-level breakdowns, Redfin analyzed the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy.<\/span><\/i><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The median home sale price was $383,750, up 1.5% from a year earlier. That\u2019s the first year-over-year increase since February, and just $2,500 shy of the record high hit in June 2022.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Sale prices<\/span> <span style=\"font-weight: 400;\">increased most in Milwaukee (13.5% YoY), Providence, RI (9.2%), Miami (7.8%), Cincinnati (6.7%) and Newark, NJ (6.7%).\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Home-sale prices declined in 19 metros, with the biggest drops in Austin, TX (-9% YoY), Detroit (-7.4%), Las Vegas (-6%), Phoenix (-5.5%) and Fort Worth, TX (-5.3%).<\/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 $393,248, up 1.3% from a year earlier. Asking prices have been increasing for a month.\u00a0<\/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 $2,627 at a 6.81% mortgage rate, the average for the week ending July 6. That\u2019s on par with the record high hit a week earlier, and up 13% ($305) from a year earlier.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Pending home sales were down 14.8% year over year, continuing a year-plus streak of double-digit declines.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Pending home sales fell in all but one of the metros Redfin analyzed. They declined most in Cleveland (-34.9% YoY),\u00a0 Newark, NJ (-24.8%), Warren, MI (-24.1%), Milwaukee (-23%) and Cincinnati (-22.5%).\u00a0 They increased 4.6% in Austin.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">New listings of homes for sale fell 26.8% year over year, the biggest decline since May 2020.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">New listings declined in all metros Redfin analyzed. They fell most in Las Vegas (-49% YoY), Phoenix (-41.6%), Cleveland (-39.8%), Providence, RI (-39.1%) and Newark, NJ (-36.9%).<\/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) dropped 14.4% from a year earlier, the biggest drop since March 2022. Active listings were down slightly from a month earlier; typically, they post month-over-month increases at this time of year.<\/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 the number of months it would take for the current inventory to sell at the current sales pace\u2014was 2.8 months, the highest level in nearly three months. Four to five <\/span><a href=\"https:\/\/www.redfin.com\/definition\/monthsof-supply\"><span style=\"font-weight: 400;\">months of supply<\/span><\/a><span style=\"font-weight: 400;\"> is considered balanced, with a lower number indicating seller\u2019s market conditions.\u00a0\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">30.5% of homes that went under contract had an accepted offer within the first two weeks on the market, on par with the share 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 27 days, the shortest span in 10 months. That\u2019s up from 21 days a year earlier.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">36.8% of homes sold above their final list price, down from 49% a year earlier.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">On average, 5.5% of homes for sale each week had a price drop, down just slightly from 5.7% a year earlier.\u00a0<\/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, was 100.1%. That\u2019s the second time in nearly a year that the typical home is selling above its asking price, on average. It\u2019s down from 101.5% a year earlier.\u00a0<\/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-76479 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/median-sale-price-71223.png\" alt=\"\" width=\"1075\" height=\"805\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/median-sale-price-71223.png 1075w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/median-sale-price-71223-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/median-sale-price-71223-1024x767.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/median-sale-price-71223-768x575.png 768w\" sizes=\"(max-width: 1075px) 100vw, 1075px\" \/><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-76480 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/median-asking-price-71223.png\" alt=\"\" width=\"1072\" height=\"803\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/median-asking-price-71223.png 1072w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/median-asking-price-71223-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/median-asking-price-71223-1024x767.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/median-asking-price-71223-768x575.png 768w\" sizes=\"(max-width: 1072px) 100vw, 1072px\" \/><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-76481 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/housing-payments-71223.png\" alt=\"\" width=\"1078\" height=\"806\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/housing-payments-71223.png 1078w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/housing-payments-71223-300x224.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/housing-payments-71223-1024x766.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/housing-payments-71223-768x574.png 768w\" sizes=\"(max-width: 1078px) 100vw, 1078px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76482 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/pending-sales-71223.png\" alt=\"\" width=\"1078\" height=\"798\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/pending-sales-71223.png 1078w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/pending-sales-71223-300x222.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/pending-sales-71223-1024x758.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/pending-sales-71223-768x569.png 768w\" sizes=\"(max-width: 1078px) 100vw, 1078px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76483 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/new-listings-71223.png\" alt=\"\" width=\"1078\" height=\"801\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/new-listings-71223.png 1078w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/new-listings-71223-300x223.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/new-listings-71223-1024x761.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/new-listings-71223-768x571.png 768w\" sizes=\"(max-width: 1078px) 100vw, 1078px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76484 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/active-listings-71223.png\" alt=\"\" width=\"1079\" height=\"801\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/active-listings-71223.png 1079w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/active-listings-71223-300x223.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/active-listings-71223-1024x760.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/active-listings-71223-768x570.png 768w\" sizes=\"(max-width: 1079px) 100vw, 1079px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76485 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/mos-71223.png\" alt=\"\" width=\"1074\" height=\"798\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/mos-71223.png 1074w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/mos-71223-300x223.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/mos-71223-1024x761.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/mos-71223-768x571.png 768w\" sizes=\"(max-width: 1074px) 100vw, 1074px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76486 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/two-weeks-71223.png\" alt=\"\" width=\"1070\" height=\"799\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/two-weeks-71223.png 1070w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/two-weeks-71223-300x224.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/two-weeks-71223-1024x765.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/two-weeks-71223-768x573.png 768w\" sizes=\"(max-width: 1070px) 100vw, 1070px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76487 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/dom-71023.png\" alt=\"\" width=\"1080\" height=\"802\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/dom-71023.png 1080w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/dom-71023-300x223.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/dom-71023-1024x760.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/dom-71023-768x570.png 768w\" sizes=\"(max-width: 1080px) 100vw, 1080px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76488 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/sold-above-list-71223.png\" alt=\"\" width=\"1076\" height=\"802\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/sold-above-list-71223.png 1076w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/sold-above-list-71223-300x224.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/sold-above-list-71223-1024x763.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/sold-above-list-71223-768x572.png 768w\" sizes=\"(max-width: 1076px) 100vw, 1076px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76489 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/price-drops-71023.png\" alt=\"\" width=\"1079\" height=\"805\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/price-drops-71023.png 1079w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/price-drops-71023-300x224.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/price-drops-71023-1024x764.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/price-drops-71023-768x573.png 768w\" sizes=\"(max-width: 1079px) 100vw, 1079px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76490 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/sale-to-list-71023.png\" alt=\"\" width=\"1076\" height=\"799\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/sale-to-list-71023.png 1076w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/sale-to-list-71023-300x223.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/sale-to-list-71023-1024x760.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/sale-to-list-71023-768x570.png 768w\" sizes=\"(max-width: 1076px) 100vw, 1076px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76491 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/demand-index-71223.png\" alt=\"\" width=\"1075\" height=\"807\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/demand-index-71223.png 1075w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/demand-index-71223-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/demand-index-71223-1024x769.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/demand-index-71223-768x577.png 768w\" sizes=\"(max-width: 1075px) 100vw, 1075px\" \/><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Elevated mortgage rates are cutting into homebuyers\u2019 budgets; a buyer on a $3,000 monthly housing budget has lost $30,000 in purchasing power over the last five months. But this week\u2019s inflation report\u2013which shows that consumer prices are cooling quickly\u2013provides a glimmer of hope that mortgage rates could gradually start to come down.\u00a0 The median U.S. [&hellip;]<\/p>\n","protected":false},"author":13153,"featured_media":76492,"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":[625,623],"dashboard":[],"coauthors":[124],"class_list":["post-76478","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","category-weekly-market-update","tag-housing-market-update","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Housing Market Update: U.S. Home Prices Rise For the First Time in Nearly Five Months<\/title>\n<meta name=\"description\" content=\"Elevated mortgage rates are cutting into homebuyers\u2019 budgets; a buyer on a $3,000 monthly housing budget has lost $30,000 in purchasing power over the last five months. 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