According to recent data from Redfin, U.S. home-sale prices increased 3.3% in November compared to one year ago, coming in at a median price of $298,800. November marked the third straight month of annual home price gains under 4% after a 77-month-long streak of annual home price gains exceeding 4%. In addition, the number of completed home sales fell faster than it has in over two years, down 8.3% from November 2017. Home sales declined in 65 of the 74 largest metro areas that Redfin tracks.
“The tide has turned,” said Redfin chief economist Daryl Fairweather. “Sellers are now competing for buyers, but they haven’t all realized it yet. Sellers who have adjusted their price expectations downward are still finding plenty of willing buyers. Sellers holding out for high prices are contributing to declining home sales and growing inventories. We see few signs that buyers are likely to reward their patience.”