03:48 PM EDT, 07/11/2024 (MT Newswires) -- US home prices set a fresh record high for the ninth consecutive week as the annual pace of growth accelerated during the four weeks ended July 7, Redfin (RDFN) said in a Thursday report.

The median sales price climbed 4.7% year over year -- the biggest increase in more than four months -- to reach an all-time high of $397,482 during the four-week period, the real estate brokerage's report showed.

Sales prices declined in just two of the 50 most populous US metros tracked by Redfin, Texas's Austin and Dallas. Florida's West Palm Beach and Fort Lauderdale led the increases at roughly 14% and 13%, respectively, followed by Detroit.

The price resiliency came despite a 3.5% decline in pending home sales from the same period of 2023. New listings rose 7.3% while active listings jumped 18%, though that was the smallest gain in more than two months, Redfin said.

Median days on the market climbed by four days year over year to 32 while the percentage of homes that were off the market in two weeks dropped to about 41% in the four weeks ended July 7 from 45% the year earlier.

"Homes are sitting longer than they usually do this time of year, which has led to some -- but not all -- homes selling for a little bit less," said Redfin Premier agent Julie Zubiate.

Rising inventory should help to cool housing price growth in the coming months, according to the real estate brokerage. About 32% of homes sold above list price during the four-week period, down from 36% during the comparable period of 2023. Asking prices were up 5.4% on an annual basis at $406,000, but that was the lowest level in three months.

The average 30-year fixed mortgage rate dipped to 6.89% as of July 11 from 6.95% the week before, according to Freddie Mac data cited by the Federal Reserve Bank of St. Louis. More homes are being listed because sellers are getting tired of waiting for rates that are double pandemic-era lows to drop, according to Redfin's analysis. Meanwhile, the longer rates stay elevated, "the pickier buyers are getting," Zubiate said.

Price: 6.89, Change: +0.44, Percent Change: +6.82