As the housing market barrels toward the end of the year and all of its holiday trimmings, potential homebuyers are likely wondering what’s in store for the coming season.
Home shoppers looking for lower asking prices can officially check that off their wish list. November’s median home list price of $417,000 was much more wallet-friendly than June’s record high of $449,000, according to a recent report from Realtor.com®.
Yet the volatile real estate landscape is not quite ready to bring only glad tidings. High mortgage rates—which, as of Wednesday, hover at 6.58% for a 30-year fixed-rate loan—are a stark reminder that many buyers might still struggle on the affordability front.
“Even though prices are down month to month, they’re still up by double digits from a year ago,” says Danielle Hale, chief economist of Realtor.com. “And with mortgage rates also up, buying a home is more expensive than last year.”