Median US Monthly Housing Payment Hits Another Record High
On Thursday, Redfin reported that during the four-week period ending May 4, the median US monthly housing payment hit an all-time high of $2,868.
Redfin said the new record is the result of two factors:
- Home-sale prices are up 1.8% year-over-year.
- The weekly average mortgage rate is 6.76%, down slightly from mid-April but elevated well above pandemic-era lows.
Those record-high housing costs, along with widespread economic uncertainty, are stunting this spring’s homebuying season, Redfin said. Mortgage-purchase applications increased last week, but they’re down 6% month-over-month. Additionally, pending home sales are down 3.9% year-over-year, the biggest decline in three months.
A holiday effect is also pushing down sales: Easter fell in this year’s four-week period, but not last year’s comparable period. Still, some house hunters are hitting the pavement. Home tours are rising faster this year than last year, according to ShowingTime data, and Redfin agents in some parts of the country report competition for turnkey homes in desirable neighborhoods.
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