The median U.S. home-sale price reaches an all-time high of $396,500, up 1% year over year, even as sellers outnumber buyers in the spring market, according to Redfin.
Sale price growth is cooling from about 5% at the start of the year to 1% in mid-June, with seasonal peaks typically occurring in June or July.
Sellers list homes at a median of $422,238, leaving buyers with a roughly 26 thousand negotiating discount from asking price.
New listings rise 4.4% year over year to 102,784 while active listings grow 14.5% to 1,160,350; pending sales fall 1.5% to 87,397.
Mortgage-purchase applications fall 3% week over week and the weekly average 30-year fixed mortgage rate stands at 6.81%, down from 6.89% three weeks earlier.
Redfin economists forecast a nationwide decline in home-sale prices by the end of the year as the mismatch between supply and demand persists.
