House prices, however, continued to rise, marking the 130th consecutive month for price gains, the longest streak on record, the National Association of REALTORS® said.   

More buyers have entered the market in the past four weeks as mortgage rates fell.

The increase in builder confidence breaks a string of 12 straight monthly declines in the NAHB/Wells Fargo Housing Market Index. 

Redfin attributes the drop to the record high mortgage rates, recession concerns, record low inventory, extreme winter weather and the holiday slowdown. 

A record share of sellers are giving buyers concessions including money for repairs and mortgage-rate buydowns.

Geographically, the largest home-price increases took place in the Southeast, led by Florida (18%), South Carolina (13.9%) and Georgia (13.6%), CoreLogic reported, citing its November Home Price Insights report.    

Homes linger on market longer as buyers take their time.

Regionally, the pending-sales index fell 7.9% month over month in the Northeast, 6.6% in the Midwest, 2.3% in the South and 0.9% in the West. 

At the same time, the median sales price of a new house slid to $471,200 from $484,700 in October and $430,300 a year earlier, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported. 

The month-over-month decline in sales came as prices rose for the 129th consecutive month, the National Association of REALTORS® said. 

New-home permits fell 11.2% month over month, while housing completions jumped 10.8% in what one observer said could have “worrisome” long-term consequences for the nation’s housing supply. 

Current real estate market conditions have not discouraged buyers from their plans of homeownership, according to a new survey from RE/MAX.

The 30-year fixed-rate inched to 6.42%, which is still close to the lowest rate in a month, the group said. 

Homes are lingering on the market longer, up 15% from last year during the four weeks ended Dec. 4, marking the largest uptick in home supply since 2015.

A report from Realtor.com shows that many areas that experienced substantial growth during the pandemic are now posting some of the country’s steepest price reductions.

A report from Redfin shows that 29% of single-family homes for sale in the U.S. were new constructions in the third quarter of 2022.