1049 ET - U.S. median home-sale prices grew 3.5% year over year in the four weeks ending Feb. 23, the smallest rise since September, according to Redfin. Mortgage rates fell to 6.78% from 7.13% in two weeks, boosting buyer power amid a slowing economy and recession fears. With 4.6 months of supply--up from 4 last year--buyers are negotiating better deals, with homes selling 2% below asking. Despite lower rates and slower price growth, pending sales dropped 6.2%, and monthly payments remain near record highs. But home tours are up, hinting at potential sales if rates keep dipping. Redfin says its agents are urging buyers to act fast, as rates could climb past 7% amid uncertainty, and new listings rose only 2.4%, the smallest gain in a month, suggesting supply may soon tighten. (chris.wack@wsj.com)
(END) Dow Jones Newswires
February 27, 2025 10:49 ET (15:49 GMT)
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