09:52 AM EDT, 07/11/2024 (MT Newswires) -- Redfin (RDFN) said Thursday that the median US home-sale price rose 4.7% year over year during the four weeks ended July 7 to hit an all-time high of $397,482.

It was the ninth straight week the median sale price has set a new record and it was the biggest increase in house prices in more than four months, Redfin reported.

"Sale prices have remained stubbornly high despite elevated mortgage rates pushing down homebuying demand," Redfin said in a statement.

"Pending home sales are down 3.5% year over year and mortgage-purchase applications are down 13%. That's partly because inventory remains historically low, pushing up prices and pushing down sales."

Shares of Redfin were up 6.8% in recent trading.

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