U.S. median home prices drop 0.9%

 

According to a recent Redfin report, median home-sale prices in the U.S. dropped 0.9% YoY in the four-week period ending June 25.  This is the smallest YoY decline seen in the last four months, as homes are selling for just $4,000 lower than record-high prices seen last year.  Despite high-interest rates, home prices continue to stay close to the peak owing to the lack of inventory of existing homes and the demand and supply gap.  New home listings saw the biggest drop since the pandemic, slumping 27% YoY, and pending sales were down 15%.  The most significant drop in home sale prices was seen in Austin (-11%), Las Vegas (-8.7%), and Detroit (-8.4%). A surge in home prices was seen in Providence (8.8%), Milwaukee (8.1%), and Miami (7.3%).   The average sale-to-list price ratio was 100% and was down from last year's figure — 102%.