NEW YORK — While home prices may be slowly coming down in some places, it hasn't been enough to help the overall housing market.
According to RedFin, pending home sales in June dropped 5.7% year-over-year, posting the biggest decline in nine months. Additionally, RedFin said mortgage-purchase applications are down 14% during the same time.
RedFin's report speculated the drops come because "even though it's more affordable to buy a home now than it was in the spring, prices and payments are still near record highs."
Complicating factors for sellers further are nearly two-thirds of homes for sale have been on the market for at least 30 days without going under contract. Redfin said that fact showed "that many of today's listings don't match the wants and/or needs of house hunters."
As of July 28:
Median Home Sale Price - $392,593
Median Asking Price - $400,225
Median monthly mortgage payment - $2,667 at 6.78% interest rate
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