\nThe 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<\/a> from Redfin<\/a>, the real estate brokerage powered by Rocket.<\/p>\n
\nSale prices are rising despite slow homebuying demand because total inventory is dwindling. Still, it\u2019s important to note that home prices are growing slower than wages and inflation, meaning homebuying is becoming slightly more affordable.<\/p>\n
\nPending 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<\/a> 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 home that goes under contract does so in 49 days, the longest span for this time of year since 2019.<\/p>\n \nAt the same time, total supply is losing steam. Active listings rose 6.1% year over year, the smallest increase since February 2024. The shrinking pool of homes is propping up prices.<\/p>\n Sale Prices Dropped in 18 of the 50 Most Populous U.S. Metros<\/b><\/p>\n \nSale prices aren\u2019t rising everywhere, though. The median home-sale price declined <\/i>in 18 of the 50 most populous U.S. metros, the most in over two years (tied with the 4 weeks ending November 2).<\/p>\n \nPrices fell most in Fort Worth, TX (-3.9% year over year), Dallas (-3.3%) and Jacksonville, FL (-3.3%). The next-biggest drops were in Miami (-2.5%) and Seattle (-2.2%).<\/p>\n \n\u201cBuyers may be able to find a deal,\u201d said Jonathan Buch<\/a>, a Redfin Premier<\/a> agent in West Palm Beach, FL<\/a>. \u201cIn today\u2019s slow market, the people who are selling are typically the ones who have to because of a divorce or job relocation. Many of those people are willing to sell at a lower price than they could get if they waited for demand to pick up. Still, homes that are fairly priced and move-in ready\u2014especially the ones with pools\u2014are selling quickly, with bidding wars.\u201d<\/p>\n \nSale prices rose most <\/i>in the Rust Belt and Midwest, with prices increasing most in Cincinnati (10.5%), Pittsburgh (9.5%), Detroit (8.4%), Milwaukee (8.3%) and Cleveland (8%).<\/p>\n \nFor Redfin economists\u2019 takes on the housing market, please visit Redfin\u2019s \u201cFrom Our Economists<\/a>\u201d page.<\/p>\n Leading indicators<\/b><\/p>\n