Redfin Reports Monthly Housing Payments Hit All-Time High
Redfin Corporation (RDFN)
Last redfin corporation earnings: 2/12 04:01 pm
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Source: Business Wire
The median monthly mortgage payment reached a record high this week, putting a lid on pending home sales. New listings, on the other hand, are improving. SEATTLE--(BUSINESS WIRE)--(NASDAQ: RDFN) — The typical U.S. homebuyer’s monthly housing payment hit an all-time high of $2,807 during the four weeks ending March 23, up 5.3% from a year earlier. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.Housing costs are soaring for two reasons. One, sale prices keep rising; the median home-sale price is up 3% year over year. Two, the average weekly mortgage rate is 6.67%—more than double pandemic-era lows. But rates have dropped from an eight-month high of 7.04% in January; monthly payments would be even higher if not for the recent decline in rates.High costs are putting a lid on home sales. Pending home sales are down 4.6% year over year, in line with the declines Redfin has seen over the last few months. But as spring begins, some h
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