U.
S. home prices advanced by 0.2% month over month on a seasonally adjusted basis in November, a marginal decrease from October’s 0.3% monthly rise. This data comes from a new report released by Redfin, a real estate brokerage. Annually, prices climbed 2.6% from the previous year, slightly slower than October’s 2.9% year-over-year increase. These figures are based on the Redfin Home Price Index (RHPI), which employs a repeat-sales pricing methodology to track seasonally adjusted changes in single-family home prices. The RHPI monitors sale prices of homes sold within a given period, comparing them to their previous sale prices.
November’s year-over-year increase represents the smallest growth rate recorded since 2012, indicating a continued slowdown in home-price appreciation throughout the year. The deceleration in price growth is primarily attributed to elevated mortgage rates and broad economic uncertainties, including concerns over tariffs and job security, which have prompted many prospective homebuyers to postpone purchases. However, prices continue to rise rather than fall, as many potential home sellers have also opted to delay listing their properties.
Chen Zhao, Redfin’s head of economics research, commented on the market dynamics: “Home-price growth is cooling as the calendar turns to winter, but prices are still rising and they’re still too high for many house hunters. Still, we’re in the midst of the strongest buyer’s market in a decade; even though prices remain high, buyers have a chance to negotiate with sellers and get some concessions. The other bright spot for buyers: We expect wages to grow faster than home prices in 2026, improving affordability and perhaps thawing the housing market.”
Analysis of 47 out of the 50 most populous U.
S. metropolitan areas with sufficient data showed that home prices declined month over month in 11 major metros in November on a seasonally adjusted basis. The most significant declines were observed in Charlotte, NC (-0.9%), Austin, TX (-0.6%), and Cincinnati (-0.6%). Conversely, Pittsburgh experienced the largest increases (2.3%), followed by Montgomery County, PA (1.6%), and Chicago (1.3%).
On a year-over-year basis, Chicago led with an 11% price gain, followed by Pittsburgh (10.1%) and New York (9.5%). In contrast, Austin saw the steepest year-over-year declines (-3.8%), with Dallas (-2.8%) and Oakland (-2.5%) also reporting decreases.
Redfin, a technology-driven real estate company and a part of Rocket Companies (NYSE: RKT), operates one of the country’s most-visited real estate brokerage websites. The company aims to establish an integrated homeownership platform, from property search to closing, to enhance affordability and accessibility. Redfin clients can access on-demand property tours, apply for home loans through Rocket Mortgage, and benefit from fee savings while engaging with local agents.
