Home prices increased 3.3 percent year-over-year to a median of $298,800 in November, according to Redfin.
Redfin said November marked the third straight month of annual home price gains under 4 percent after a 77-month-long streak of annual home price gains exceeding 4 percent.
“The tide has turned,” Redfin Chief Economist Daryl Fairweather said in a release. “Sellers are now competing for buyers, but they haven't all realized it yet.
“Sellers who have adjusted their price expectations downward are still finding plenty of willing buyers. Sellers holding out for high prices are contributing to declining home sales and growing inventories,” Fairweather added. “We see few signs that buyers are likely to reward their patience.”
According to Redfin’s report, home sales in November declined in 65 of the 74 largest metro areas. The only metro areas that saw more than a 5 percent year-over-year increase in sales in November were New Orleans (+9.4%); Tampa, Fla. (+7.2%); Long Island, N.Y. (+7.1%); and Orlando, Fla. (+6.5%).
Redfin said the number of homes for sale in November was up 4.9 percent from a year earlier. November had the highest level of inventory growth since June 2015. Inventory was up in San Jose (+123.2 percent); Seattle (+96.5 percent) and Oakland (+60.3 percent). Inventory declined significantly in Philadelphia (-24 percent); Camden, N.J. (-19.8 percent); and in New Orleans (-19.1 percent).
During November, the typical home went under contract in a median of 44 days, two days faster than last year, Redfin said.