The median U.S. home-sale price jumped 2.3% during the four weeks ended November 16, the highest gain in seven months, according to a new data from Redfin, the real estate brokerage powered by Rocket.
Home sale prices are rising despite poor homebuying demand because total inventory is shrinking. Still, it’s crucial to note that home prices are growing slower than salaries and inflation, meaning homebuying is becoming marginally more affordable.
Sales of pending homes decreased by 0.8% on an annual basis, which is a slight decrease but the largest in four months. Economic instability and high housing costs are keeping many potential buyers on the sidelines; mortgage rates are rising after falling to their lowest point in a year, and home prices are still rising. Homes are also taking longer to sell; the median home that goes under contract does so in 49 days, the greatest stretch for this time of year since 2019.
At the same time, total supply is losing steam. Active listings rose 6.1% year-over-year (YoY), the weakest growth since February 2024. Prices are being supported by the declining number of available properties.
However, not all places are seeing an increase in sale prices. The median home-sale price decreased in 18 of the 50 most populous U.S. metros, the most in over two years (tied with the 4 weeks ended November 2).
Prices fell most in:
- Fort Worth, Texas (-3.9% YoY)
- Dallas (-3.3%)
- Jacksonville, FL (-3.3%)
- Miami (-2.5%)
- Seattle (-2.2%)
“Buyers may be able to find a deal,” said Jonathan Buch, a Redfin Premier agent in West Palm Beach, FL. “In today’s 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—especially the ones with pools—are selling quickly, with bidding wars.”
Sale prices rose most 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%).
Key Findings — National
| Metrics | Metros with biggest YoY increases | Metros with biggest YoY decreases |
|---|---|---|
| Median sale price | Cincinnati (10.5%) Pittsburgh (9.5%) Detroit (8.4%) Milwaukee (8.3%) Cleveland (8%) | Fort Worth, Texas (-3.9%) Jacksonville, FL (-3.3%) Dallas (-3.3%) Miami (-2.5%) Seattle (-2.2%) |
| Pending sales | West Palm Beach, FL (21.2%) Cleveland (9.7%) Miami (9.4%) Phoenix (8.6%) Riverside, CA (6.7%) | San Jose, CA (-18.2%) Seattle (-17.7%) Tampa, FL (-14.2%) Las Vegas (-12.5%) San Diego (-9.7%) |
| New listings | Montgomery County, PA (14.2%) Minneapolis (13.9%) Cincinnati (11.9%) Phoenix (11.4%) Pittsburgh (11.1%) | Tampa, FL (-15.6%) Orlando, FL (-9.9%) Fort Lauderdale, FL (-9.2%) Sacramento, CA (-8.6%) Riverside, CA (-8.4%) |
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