Home sale prices declined year over year in October for the first time in three years, according to a newly released report from Redfin that underscores the ongoing impacts of slow homebuying demand.

The median home sale price was 0.1% lower than a year ago at $389,601 over the four weeks ending Oct. 25, reported the listings platform owned by Rocket Companies. The median asking price was $400,703.

Mortgage rates surged above 7% during September and moved higher during the first half of October, driving prospective homebuyers to the sidelines over the past two months.

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Declining yields on 10-year U.S. Treasury notes have helped lower rates from recent peaks, however. Freddie Mac data shows 30-year mortgage rates averaged 7.4% during the first two weeks of October before declining to 7.24% by the end of the month.

“Rates have fallen about 30 to 40 basis points since the peak at the end of September and there’s little reason to believe the volatility will slow down,” said Chen Zhao, head of economic research for Redfin, in market commentary published Tuesday.

Elevated borrowing costs pushed median monthly mortgage payments to their highest seasonally adjusted level in Redfin’s records at $2,786, with a weekly average mortgage rate of 7.32%.

Trending in the opposite direction, Redfin says pending home sales hit the lowest level in the company’s records in October, down nearly 16% from a year ago.

High mortgage rates, elevated home prices and rising homeownership costs related to property taxes, insurance and utilities have collectively made purchasing a home deeply unaffordable for many typical earners. As a consequence, sellers who outnumber active buyers in the market by a wide margin are spending more money on buyer concessions, such as closing cost assistance or price reductions.

Monthly housing costs exceeded 43% of typical wages in nearly 1 in 3 counties during the third quarter, according to Attom, a real estate analytics firm.