Housing Market Cools as Home Prices Remain High and Buyer Demand Drops

Mortgage-purchase applications are hovering near their lowest mark in 30 years

Redfin's Homebuyer Demand Index dropped to its lowest level in nearly a year, down 5% since last October.

The unaffordable housing market has weighed on homebuyer demand across the US.

The median asking price for a home hit $388,223 in the four weeks ending October 8, a 5.2% year-over-year jump.

The total number of homes for sale in the four weeks through October 8 is down 14% compared to last year.