U.S. home-sale prices fell year over year for the third week in a row, according to a new report from Redfin, the real estate brokerage powered by Rocket.

U.S. housing market takeaways for the four weeks ending Nov. 1:

• Home-sale prices dip. The median home-sale price was $388,604, down 0.4% year over year. That marks the third straight week in which prices declined after three years of increases.
• Monthly payments dropped to a five-week low. The median monthly mortgage payment was $2,777, down from a peak of $2,811 in early October. This data is seasonally adjusted. Costs declined because mortgage rates and sale prices are slowly coming down.
• House-hunting activity declined. Pending home sales fell 0.6% week over week to the lowest level in records dating back to 2021.
• Sellers pulled back, too. New listings dropped 1.5% from a week earlier to the lowest level since January, as would-be sellers reacted to slow demand.
• The slow market is giving buyers room to negotiate. The buyers who are out there may be able to negotiate prices down and/or get other concessions from sellers. Buyers have more homes to choose from than a year ago, and less competition: There are 2.1% more homes on the market than a year ago, while homes are taking a bit longer to sell.

For Redfin economists' takes on the housing market, please visit Redfin's "From Our Economists" page.

For more national and metro-level housing-market stats, please visit Redfin's data center.

To view the full report, please visit: https://www.redfin.com/news/housing-market-update-sale-prices-keep-declining/