The median sales price of homes fell in 14 out of the 50 most populous metros in the United States for the four weeks ending July 27, real estate brokerage Redfin said in a July 31 statement.
Oakland, California, saw the largest drop, with sales price registering a year-over-year decline of 6.8 percent. This was followed by West Palm Beach and Jacksonville in Florida, and Austin and Houston in Texas.
“Prices are falling in several metro areas because the housing market is slow due to high housing costs and economic uncertainty,” the company said.
The weekly rate on a 30-year fixed-rate mortgage was 6.72 percent for the week ending July 31, according to data from Freddie Mac. Rates have remained above the 6.5 percent level for every single week this year, and have not dipped below 6 percent since mid-September 2022….