Home prices

The transactions grew between second and third quarter, with the new-home market seeing one of its largest surges in cash-buying in 13 years.

The top five towns have an average median home value of $646,380.

Federal Reserve Bank of Philadelphia President Patrick Harker said higher interest rates are making it more challenging for first-time home buyers by raising borrowing costs and limiting inventory, which is also leading to higher home prices

But even as housing costs slowed on a quarterly basis, they still came in 5.3% higher than a year ago, according to Fannie Mae's Home Price Index.

After 139 consecutive months of rising values, a change in the pattern could slowly emerge.

The rise in the number of reductions runs against typical seasonal norms, Redfin said.

Since the start of the year, values have pushed upward at a marked pace, separate reports from the Federal Housing Finance Agency and S&P CoreLogic Case-Shiller declared.

The total value of U.S. housing rose more than $2.6 trillion in the past year, Zillow said, defying predictions that higher borrowing costs would lead to a prolonged slump.

Housing costs grew to an average of $2,632 during the four weeks ending Sept. 10, according to a Redfin report.

But that share is trending downward. In the fourth quarter, nearly nine out of 10 metro areas had home prices that were considered to be above sustainable levels.