1002 ET - The median home-sale price declined year over year in 11 of the 50 most populous U.S. metro areas during the four weeks ending April 20, according to Redfin. The last time home prices dropped in that many metros was in September 2023. Prices declined most in San Antonio, Oakland, and Jacksonville, Fla. Nationwide, the median home-sale price rose 2.1% year over year, the slowest growth rate since July 2023. Home prices are falling in many major metros because many house hunters are backing off, but the number of homes for sale is holding up. Home tours are slowing, mortgage-purchase applications are falling, andwould-be buyers are ultra-cautious amid high housing costs and widespread economic uncertainty. Pending home sales are down 0.3% year over year. (chris.wack@wsj.com)
(END) Dow Jones Newswires
April 24, 2025 10:02 ET (14:02 GMT)
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