Redfin Reports Near-Record Housing Costs Put a Lid on Pending Sales, Even as Early-Stage Demand Picks Up
Redfin Corporation (RDFN)
Last redfin corporation earnings: 2/12 04:01 pm
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Source: Business Wire
House hunters are touring homes and applying for mortgages as rates stay below 7%, but prospective buyers aren’t always following through with a purchase SEATTLE--(BUSINESS WIRE)--(NASDAQ: RDFN) —The typical U.S. homebuyer’s monthly housing payment is $2,793, just a few dollars shy of the all-time high, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Housing payments are sky-high because sale prices keep rising and mortgage rates remain high.The median home-sale price rose 3.3% year over year during the four weeks ending March 16, and the weekly average mortgage rate is 6.65%, its lowest level since mid-December but still more than double pandemic-era lows.Lack of affordability is suppressing homebuyer demand, even as we get tantalizingly close to spring. Pending home sales are down 5.2%, on par with the annual declines Redfin has seen for the last two months.But there are signals that house hunters are stepping off the sidelines, e
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