Homebuyer demand is rising as mortgage rates continue to decline, according to a new Redfin report.

The projected year-over-year change in home sale transactions in the Houston-The Woodlands-Sugar Land region is 2.9%.

October’s 4.6% monthly drop follows a 10.2% decline in September, the National Association of REALTORS® reported. 

Housing prices were down in all 20 cities tracked by the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index.

New-home sales rose 7.5% month over month, while the median price of a new house surged to $493,000 from $455,700 in September and $427,300 a year ago, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported.   

The pace of new single-family home sales, meanwhile, fell 6.1% from September to 598,000. 

In the wake of this new rule, FHA borrowers will have a choice between federal flood insurance and private flood insurance.

The brand will specialize in cottage-style homes with private backyards. 

The median existing-home price rose for the 128th month in a row, extending its record-breaking streak of increases. 

The number of homes under construction rose during the month, as homebuilders continued to work through a large backlog of homes.