US Housing Payments Hit One-Year High as Buyers Pull Back
Housing Payments Hit 1-Year High, Sending Buyers to the Sidelines
Redfin reported that the median US monthly housing payment reached $2,647 during the four-week period ending June 14, the highest level in a year and about $100 below the 2023 all-time high.
Redfin said housing payments are rising because home-sale prices and mortgage rates remain elevated. The median sale price rose 2.3% year-over-year to a record $403,889, while the weekly average mortgage rate stood at 6.52%, near its highest level in 10 months.
High costs are pricing many would-be buyers out of the market, while broader economic uncertainty is causing others to delay major purchases. Pending home sales fell 0.6% week-over-week, marking the fifth straight weekly decline.
Some prospective sellers are also pulling back as demand softens. New listings fell 0.4% week-over-week, while the total number of homes for sale declined 0.1%.
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