Skip to main content

Home-Price Growth Slows For Third Consecutive Month: Redfin Report

Dec 19, 2023
home sales and keys
News Director

Redfin's Home Price Index shows slower price increases in November.

Home-price growth has decelerated for the third consecutive month, according to the Redfin Home Price Index (RHPI), signaling a potential shift in the housing market. The RHPI reported that home prices increased by a modest 0.6% in November, marking the smallest monthly rise since June. On a year-over-year basis, prices were up by 6.4%.

“It’s a better time to be a homebuyer than it was two months ago,” Redfin Senior Economist Sheharyar Bokhari said. “Buyers today have more options to choose from, which is taking pressure off of home prices. Mortgage rates dropped below 7% last week for the first time since August, shaving hundreds of dollars off monthly payments. That news seems to have lured more sellers to the market, which should further improve homebuying conditions in the new year.”

In November, new listings increased by 1.3% compared to the previous month, reaching the highest level in over a year after many homeowners decided to enter the market. Pending sales also rose by 2%, reaching the highest level in a year.

Among the 50 most populous U.S. metropolitan areas, 14 saw month-over-month price declines in November. San Antonio experienced the largest drop, with prices falling by 1.9%. Conversely, Chicago had the most substantial price increase, rising by 2.4%.

The RHPI measures sale prices of homes that sold during a given period, and how those prices have changed since the last time those same homes sold. November data covers the three months ending Nov. 30, 2023.

About the author
Christine Stuart is the news director at NMP.
Published
Dec 19, 2023
Mortgage Rates Notch Down For Third Consecutive Week

Freddie Mac analysis finds 30-year fixed rate mortgage dips to 6.60%.

Dec 12, 2024
With Election Over, Homebuyers Come Out Of The Woodwork

Homebuyer demand nearing ‘new, post-election normal,’ Redfin report finds

Dec 12, 2024
Mortgage Lock Volume Drops as Rates Stabilize

Stability comes as market prepares for 2025

Dec 11, 2024
Nationwide Foreclosure Filings Ease During Holiday Season

Even so, foreclosure activity remains relatively high in Florida, Nevada, and Connecticut, ATTOM reports.

Dec 11, 2024
Rising Inflation Unlikely To Derail December Fed Cut

But, three consecutive months of rising consumer prices flash a warning signal for 2025

Dec 11, 2024
Mortgage Applications Continue Steady Climb

Refinances rose 27% last week and purchase demand remained steady, despite mortgage rates at 6.67%

Dec 11, 2024