Redfin says annual home price growth slows to 3%

"Home-sale prices rose 3.2% year over year during the four-week period ending November 6, the smallest increase since July 2020, according to a new report from Redfin (RDFN) the technology-powered real estate brokerage. The median home sale price has fallen 8.4% from its all-time high in June, when the average 30-year fixed mortgage rate was over a point lower than it is now. Home prices rose half a percent during the same period last year. Early stage demand may be leveling off as serious homebuyers who must be in the market now grow accustomed to mortgage rates near 7% and their ability to negotiate with sellers on price and terms improves. Mortgage purchase applications ticked up last week after six weeks of declines. Redfin’s Homebuyer Demand Index-a measure of requests for home tours and other home-buying services from Redfin agents-increased 2.8% in the week ending November 6. "This morning’s report that the overall inflation rate is finally starting to back off makes it even more likely that the Fed will slow their rate increase to 50 basis points next month," said Redfin Deputy Chief Economist Taylor Marr," said Redfin in a statement earlier, in part. Other publicly traded companies with exposure to real estate brokerage include RE/MAX Holdings (RMAX), Compass (COMP), Zillow Group (Z) and The Real Brokerage Inc. (REAX). Reference Link