Would-be homebuyers are sitting on the sidelines, wary of economic uncertainty and still-high housing costs. A dwindling pool of supply is propping up prices.
The median U.S. home-sale price rose 2.3% during the four weeks ending November 16, the biggest increase in seven months, according to a new report from Redfin, the real estate brokerage powered by Rocket.
Sale prices are rising despite slow homebuying demand because total inventory is dwindling. Still, it’s important to note that home prices are growing slower than wages and inflation, meaning homebuying is becoming slightly more affordable…