Redfin: Median U.S. home-sale price increased 0.9% for four weeks ending Jan. 15

The median U.S. home-sale price increased 0.9% from a year earlier to $350,250 during the four weeks ending January 15, the biggest increase in a month, according to a new report from Redfin (RDFN). Prices remain elevated because buyer activity has started to pick up as mortgage rates decline due to slowing inflation. Average mortgage rates dropped to 6.15% during the week ending January 19, their lowest level since September. Pending home sales fell 29% year over year-a significant decline, but the first sub-30% drop in three months. Mortgage-purchase applications rose 25% from the week before during the week ending January 13, a jump that’s likely to lead to more pending sales in the coming months. As demand inches back, some homeowners are less reluctant to sell. New listings of homes for sale fell 20% year over year during the four weeks ending January 15-but that’s the smallest decline in two months…Home-sale prices fell year over year in 18 of the 50 most populous U.S. metros during the four weeks ending January 15. By comparison, 20 metros saw a price decline during the prior four-week period and 11 metros saw price declines a month earlier. Other listed companies that may be impacted include Zillow (Z), RE/MAX Holdings (RMAX).