Home Price Growth Slows as Buyer Caution Rises

Nationwide, home prices rose just 2.1% year over year—the slowest growth rate in nearly two years, according to Redfin’s latest report. In fact, 11 of the 50 largest U.S. metro areas saw prices decline, with the sharpest drops in San Antonio (-3.7%), Oakland (-3.5%), and Jacksonville (-2.2%).

What’s behind the trend? Buyers are pulling back amid economic uncertainty, rising mortgage rates (now averaging 6.83%), and near-record monthly housing payments ($2,848). Meanwhile, new listings are up 9.6% year over year, and sellers are more active than buyers in many markets.

Redfin experts advise sellers to price strategically to move quickly, while buyers should negotiate and compare mortgage options more than ever. With economic concerns on the rise, both sides of the market need to stay flexible and informed.

🔗To view the full report, including charts courtesy of Redfin.