Redfin's latest data hints at a changing pace
National home prices dropped 0.1% in April, the first monthly decline since September 2022, according to Redfin’s Home Price Index. While the dip is small, it marks a potential turning point after nearly two years of steady price increases. Annual prices are still up 4.1%, but that's a slowdown from 4.9% growth the month before.
This shift comes as inventory builds up and buyers grow more cautious, driven by higher mortgage rates and political uncertainty.
Buyers are splitting into two camps
“There’s always a faction of customers,” said Dante Royster, President of Epic Mortgage, Inc. “I don’t like to group everyone in one bucket.”
Some buyers are holding back. Average 30-year fixed rates are near 6.75%, home prices are still high, and broader economic changes—including those under a new presidential administration—have many people unsure about whether to act now or wait.
“They’re nervous,” Royster explains. “They don’t know if this is the right time. Once again, we get into the habit of trying to time the market. Should I move? Should I wait?”
The data backs that up. Homes are sitting longer, and the number of listings across the country has reached a five-year high. Prices have fallen in 25 of the 50 largest metro areas, including:
- Charlotte: -1.0%
- Miami: -0.7%
- Los Angeles: -0.64%
- Portland: -0.61%
That signals softening demand—not a crash but a definite slowdown.
Others are choosing to act now
But there’s still a group of buyers ready to move. “I think you have others that are like, ‘Hey, it’s my time. I’m just going to make it my time,’” Royster says. “I’m a believer in the now. If your financial situation allows you to buy, then you should buy.”
He points to a long-term view: “If money is a goal, we know that real estate is something you can touch, feel, and see. That’s usually a safer investment people feel more comfortable with. We need to start that time clock as soon as possible.”
In other words, if you can afford it and your job and finances are stable, waiting may not buy you much more affordability but it will cost you time in the market.
Where things stand now
Affordability is still an issue. Many would-be buyers are priced out, not opting out. But for those who can buy, the market is offering more choices and less competition than it has in years.
Royster puts it plainly: “If you can do it, you should.”
