There's something frozen about this housing market. "Zoom towns" like Boise and Austin aside, home prices nationwide have just refused to drop. Existing-home prices are on their seventh consecutive month of growth, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, a leading measure of home values for over 30 years. Average U.S. existing home prices are up by nearly 6% year-to-date and 2.6% year-over-year, which is “well above the median full calendar year increase” in more than three decades of data, according to Case-Shiller. But now we know that a crack appeared in October—and it was among sellers.
The challenges of soaring mortgage rates and home prices aren't just impacting buyers—they're plaguing sellers, too. Even with limited existing home inventory, a record number of them dropped the prices on their listings in October, according to a new Redfin report.
