Redfin Reports Spring Brings Record-High Monthly Housing Costs, Keeping Pending Home Sales at Bay
Redfin Corporation (RDFN)
Last redfin corporation earnings: 2/12 04:01 pm
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Source: Business Wire
Soaring housing payments are keeping many homebuyers on the sidelines, but new listings are ticking up and there are signs some house hunters are emerging as spring begins SEATTLE--(BUSINESS WIRE)--(NASDAQ: RDFN) — The typical U.S. homebuyer’s monthly payment hit a record high for the second week in a row, reaching $2,802 during the four weeks ending March 30. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Sale prices are up 3.4% year over year, and the weekly average mortgage rate is 6.65%, near its lowest level since December but more than double pandemic-era lows.Pending home sales are declining. High costs are keeping a lid on sales; pending home sales fell 2.3% year over year.But there are signs more house hunters are hitting the pavement. Mortgage-purchase applications are at their highest level in over two months. Home tours are rising twice as fast this year than they were at this time last year (though that’s partly
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