U.S. home-sale prices increased 3.3% year over year in November, according to Redfin.
In fact, November marked the third straight month of annual home price gains under 4%. The number of home sales fell faster than it has in over two years.
The only metro areas that saw more than a 5% year-over-year increase in sales in November were New Orleans, Tampa, Long Island, and Orlando.
As home sales continue to decline, the number of homes on the market is on the rise, shifting the balance of supply and demand back toward buyers’ favor.