10:12 AM EDT, 05/17/2024 (MT Newswires) -- Redfin (RDFN) said Friday that the median US home sale price rose to its highest level after a 6.2% year-over-year increase in April to $433,558.
Despite a slower housing market compared to the pandemic boom, prices continue to rise due to limited home supply, Redfin said.
The real estate brokerage said that new listings were up 1.7% from March and 10.8% from the previous year but remain 20% below pre-pandemic levels. Home sales fell 1.4% from the previous year, it added.
Redfin said elevated mortgage rates, averaging 6.99% in April, are impacting buyers, but some regions still see strong competition.
Active listings hit a four-year high, rising 0.3% from March and 7.5% year-over-year, although still below pre-pandemic levels. Nearly 18% of home sellers reduced their asking prices, up from 12.1% a year earlier.
Price: 7.60, Change: -0.06, Percent Change: -0.72