National and Brookline real estate news:
For three years, national home prices went up year over year every single month, even with rates climbing. In October, that streak ended. Here's what changed and how to use it in your next offer and your next listing appointment.
What happened:
The median sale price fell 0.4% year over year to $388,634. That's the first annual decline since May 2023, and two months ago prices were still up 2.5%.
Pending sales dropped 3.6% from September to their lowest level since 2013, outside of April 2020.
Mortgage rates averaged 7.33% in October, a three-year high, up from 6.86% the month before.
61% of homes sold below their original list price, and 36% had at least one price cut, the highest share in Redfin's records.
