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Home Prices Falling in More Than Half of the U.S.
The median U.S. home-sale price fell for the eighth straight four-week period after more than a decade of increases.
Home-sale prices dropped in 30 of the 50 most populous U.S. metros, with the biggest drop in Austin, TX (-15.1% YoY). It’s followed by Oakland, CA (-11.5%), Sacramento, CA (-9.5%), San Francisco (-9.2%) and Seattle (-9.1%).
On the other end of the spectrum, sale prices increased most in Fort Lauderdale, FL, where they rose 9.1% year over year. Next come Cincinnati (9%), Miami (8.5%), West Palm Beach, FL (8%) and Milwaukee (7.2%).
Leading indicators of homebuying activity:
For the week ending April 20, average 30-year fixed mortgage rates increased to 6.39%, the first increase after five straight weeks of declines. The daily average was 6.67% on April 20.
Mortgage-purchase applications during the week ending April 14 declined 10% from a week earlier, seasonally adjusted. Purchase applications were down 36% from a year earlier.
The seasonally adjusted Redfin Homebuyer Demand Index–a measure of request for home tours and other homebuying services from Redfin agents–hit its highest level in nearly a year during the week ending April 16. It was down 7% from a year earlier.
Google searches for “homes for sale” were up about 43% from the trough they hit in November during the week ending April 15, but down about 17% from a year earlier.
Touring activity as of April 18 was up about 31% from the start of the year, compared with a 5% increase at the same time last year, according to home tour technology company ShowingTime.