US home sale prices fall for the first time in more than three years — CNBC

In the United States, the median home sale price for the four weeks ending October 25 fell by 0.1% compared with the same period a year earlier. This is the first annual decline in the indicator in more than three years, CNBC reports, citing data from brokerage firm Redfin.

Sales remain weak

Despite some decline in mortgage rates in recent weeks, they are about one percentage point higher than a year ago. According to Redfin estimates, the monthly payment for a typical homebuyer is now the second-highest on record.

The number of pending home sales — signed contracts to purchase existing homes — continued to decline. The National Association of Realtors reported that in September this indicator fell to its lowest level in 25 years. The number of new listings also dropped to its lowest level since the beginning of the year, according to Redfin data.

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Rents are rising again

Amid stagnation in the homebuying market, more renters are staying in their homes. The median rent in the United States rose by 0.1% year-on-year in October, according to Apartment List. This is the first increase in more than three years after a period of falling rental rates caused by an oversupply of new apartments.

The vacancy rate in multifamily buildings stood at 7% in October. It remains high compared with long-term norms, but has been declining since peaking at the beginning of the year. Rental rates have also begun to recover in Austin, Phoenix and Tampa, although Phoenix, Las Vegas and San Antonio are still recording the largest declines. The highest rent growth rate — 13.1% year-on-year — was recorded in the San Francisco Bay Area.