High mortgage rates and concern over the broader economy have taken their toll on the housing market, freezing sales for the last few months. Now those issues are having an impact on home prices and rents. The median U.S. home sale price fell for the first time in more than three years, according to a new report from Redfin, a real estate brokerage. The drop was just 0.1% year over year for the four weeks ending Oct. 25, but it follows three straight years of increases. While mortgage rates have pulled back some in the last few weeks, they are roughly a full percentage point higher than they were one year ago. Higher rates are putting the typical homebuyer's monthly payment now at the second-highest on record, according to Redfin.
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