High mortgage rates and broader economic concerns have frozen the U.S. housing market for months. According to Redfin, the median U.S. home sale price fell 0.1% year over year in the four weeks ending Oct. 25, the first decline in more than three years. Mortgage rates are roughly a full percentage point above a year earlier, pushing the typical monthly payment to the second-highest level on record. Pending home sales kept falling, with National Association of Realtors data showing September sales at a 25-year low, while new listings are at their lowest since the start of the year as sellers lose leverage. Renters are staying put, and Apartment List reported median rent rose 0.1% in October, the first gain in over three years, while the national vacancy rate stood at 7% and continued to decline after peaking earlier this year.
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