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(NASDAQ: RDFN) — The median U.S. home-sale price hit an all-time high of $397,482 during the four weeks ending July 7, up 4.7% year over year—the biggest increase in over four months. That’s according to a new from Redfin (redfin.com), the technology-powered real estate brokerage. This marks the ninth straight week the median sale price has reached a new record high.

Sale prices have remained stubbornly high despite elevated mortgage rates pushing down homebuying demand; pending home sales are down 3.5% year over year and mortgage-purchase applications are down 13%. That’s partly because inventory remains historically low, pushing up prices and pushing down sales. And it’s partly because final sale prices are a lagging indicator—they reflect deals that were struck between buyers and sellers a month or two earlier.

There are signs that price growth may lose momentum soon. The typical home is selling for 0.4% less than its asking price, marking the first time the typical home has sold under list price at the start of July since 2020, when the onset of the pandemic nearly ground the housing market to a halt. Additionally, just 32% of homes are selling above asking price, down from 36% a year ago and the lowest share at this time of year since 2020.

Although inventory is still historically low, it is rising on a year-over-year basis, which is another sign that price growth may lose steam in the coming months. New listings are up 7.3% year over year, and the total number of homes for sale is up 18.3%, with most homes for sale growing stale: More than of homes are listed for at least a month without going under contract. More homes are hitting the market partly because mortgage rates have been sitting at double pandemic-era lows for nearly two years, and sellers are tired of waiting for rates to drop before they move on to their next home.

“Homes are sitting longer than they usually do this time of year, which has led to some—but not all—homes selling for a little bit less,” said , a Redfin agent in the Bay Area. “The longer rates stay high, the pickier buyers are getting. Buyers will jump ship or try to negotiate the price down with any sort of tiny problem; sellers should take the time to prep, price and promote their homes correctly to find the right buyer. That being said, there is one segment of the market that is still moving fast, with homes going over asking price with multiple offers: Move-in ready homes with big backyards located in desirable school districts.”

For Redfin economists’ takes on the housing market, please visit Redfin’s “” page.

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About Redfin

Redfin () is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can have our renovations crew fix it up to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1.6 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 4,000 people.

Redfin’s subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®.

For more information or to contact a local Redfin real estate agent, visit . To learn about housing market trends and download data, visit the . To be added to Redfin's press release distribution list, email . To view Redfin's press center, .

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