Redfin Reports Home Prices Post Biggest Gain in 7 Months Despite Slow Demand
Rocket Companies, Inc. Class A (RKT)
Company Research
Source: Business Wire
Would-be homebuyers are sitting on the sidelines, wary of economic uncertainty and still-high housing costs. A dwindling pool of supply is propping up prices. SEATTLE--(BUSINESS WIRE)--The median U.S. home-sale price rose 2.3% during the four weeks ending November 16, the biggest increase in seven months, according to a new report from Redfin, the real estate brokerage powered by Rocket.Sale prices are rising despite slow homebuying demand because total inventory is dwindling. Still, it’s important to note that home prices are growing slower than wages and inflation, meaning homebuying is becoming slightly more affordable.Pending home sales fell 0.8% year over year, a modest decline but the biggest in four months. Many would-be buyers are staying on the sidelines due to economic instability and high housing costs; in addition to still-rising home prices, mortgage rates are ticking up after dropping to their lowest level in a year. Homes are also taking longer to sell; the typical h
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