US Median Home-Sale Price Hits New High in Four-Week Period Ending May 19th

On Thursday, Redfin reported that during the four-week period ending May 19th, the median US home-sale price hit a record $387,600. During that period, the weekly average mortgage rate dipped to 7.02% from a five-month high of 7.22% at the start of the month. That in turn brought the weekly median monthly house payment to $2,854, approximately $20 shy of April’s all-time high.

Redfin notes that high housing costs pushed pending home sales down 4.2% year-over-year, the biggest decline in three months (except the prior 4-week period, when sales declined 4.4%).

Prices keep rising despite declining sales because there aren’t enough homes on the market: New listings are up about 8% year-over-year, but inventory remains lower than typical spring levels. Many homeowners are staying put because they would rather hold onto their relatively low mortgage rate than move up to a bigger and/or better home, Redfin said.