US asking prices fall for first time since March as mortgage rates touch 7.4%

United States housing asking prices declined year over year for the first time since March during the four weeks ending October 11. Redfin News and MPA Magazine both reported that list prices fell as mortgage rates hit a three-year high of 7.4 percent and buyer demand remained near historic lows. [1][2][3][8]

Data published by Redfin News showed that the median home-sale price increased by just 0.5 percent year over year, representing the slowest annual growth rate since March. In addition, pending home sales rose slightly during the week but continued to trade near record low levels. [1]

According to MPA Magazine, the median asking price for a United States home dropped 0.3 percent year over year throughout the four-week period ending October 11. Sellers are cutting prices at a record rate to adjust to reduced purchase volumes caused by elevated borrowing costs. [3][8]

Redfin News stated that its national market metrics are based on housing data compiled from more than 900 United States metropolitan areas. The data covers homes listed and sold during the period, with metro-level ranking metrics tracking the 50 most populous markets. [1]