The median home-sale price increased 0.9% from a year earlier to $350,250 during the four weeks ending January 15, the biggest increase in a month, according to a new report from Redfin, a technology-powered real estate brokerage. Prices remain elevated because buyer activity has started to pick up as mortgage rates decline due to slowing inflation.
Average mortgage rates dropped to 6.15% during the week ending January 19, their lowest level since September. Pending home sales fell 29% year over year—a significant decline, but the first sub-30% drop in three months. Mortgage purchase applications rose 25% from the week before during the week ending January 13, a jump that’s likely to lead to more pending sales in the coming months.
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