Record Home Prices, High Mortgage Rates Push Pending Sales Down for Fourth Straight Week
Redfin reports high housing costs and economic instability are driving would-be buyers away
The median U.S. home-sale price hit a record $400,894 during the four weeks ending June 7, up 1.5% year over year. That’s according to a new report from Redfin, the real estate brokerage powered by Rocket.
That marks the first time the typical American existing home has sold for over $400,000, according to a Redfin analysis of MLS data.
Monthly payments are historically high, too. The typical monthly payment was $2,619, just $8 shy of late May’s 11-month high. Stubbornly high home prices, combined with mortgage rates in the mid-6% range, are propping up monthly housing payments.
