{"id":74242,"date":"2022-04-28T07:30:12","date_gmt":"2022-04-28T14:30:12","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=74242"},"modified":"2022-10-26T13:02:01","modified_gmt":"2022-10-26T20:02:01","slug":"housing-market-update-monthly-mortgage-up-39pct","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-monthly-mortgage-up-39pct\/","title":{"rendered":"Housing Market Update: Typical Buyer\u2019s Monthly Payment Up 39%\u2014The Biggest Annual Gain on Record"},"content":{"rendered":"<h2 style=\"font-style:italic;\">Home sellers and buyers are retreating at similar rates, resulting in a housing market that remains very competitive even as it slows.<\/h2>\n<p>The typical homebuyer\u2019s monthly mortgage payment shot up 39%, the largest year-over-year gain on record as the average 30-year-fixed rate hovered at a 12-year high of 5.1%. Redfin\u2019s data on homebuyer mortgage payments is based on asking-price data going back to 2015. <\/p>\n<p>\u201cRising mortgage rates are taking a bite out of pending sales as both buyers and sellers take a step back from the turbulent market,\u201d said Redfin Chief Economist <a href=\"https:\/\/www.redfin.com\/news\/author\/darylfairweather\/\">Daryl Fairweather<\/a>. \u201cIt seems as though the ratio of buyers to sellers remains mostly the same, which is why we have yet to see a substantial drop in <a href=\"https:\/\/www.redfin.com\/news\/real-estate-bidding-wars-march-2022\/\">bidding wars<\/a> or the share of homes selling quickly. It&#8217;s still early days though when it comes to 5% mortgage rates. The number of buyers willing to pay such high mortgage payments could evaporate by late summer.\u201d<\/p>\n<p>Pending home sales posted their largest year-over-year decrease since mid-February and mortgage purchase applications fell 17%. On the supply side, new listings fell 4% and the share of listings with price drops rose to its highest level since November.<\/p>\n<h4>Leading indicators of homebuying activity:<\/h4>\n<ul>\n<li>Fewer people <a href=\"https:\/\/trends.google.com\/trends\/explore?date=2021-01-01%202022-04-25&#038;q=homes%20for%20sale#cmpt=q\">searched for \u201chomes for sale\u201d on Google<\/a>\u2014searches during the week ending April 23 were down 6% from a year earlier.<\/li>\n<li>The seasonally-adjusted Redfin Homebuyer Demand Index\u2014a measure of requests for home tours and other home-buying services from Redfin agents\u2014was flat year over year during the week ending April 24. It dropped 8% in the past four weeks, compared with a 3% decrease during the same period a year earlier.<\/li>\n<li>Touring activity from the first week of January through April 24 was 19 percentage points behind the same period in 2021, <a href=\"https:\/\/www.showingtime.com\/impact-of-coronavirus\/\">according to home tour technology company ShowingTime<\/a>.<\/li>\n<li><a href=\"https:\/\/www.mba.org\/news-and-research\/newsroom\/news\/2022\/04\/27\/mortgage-applications-decrease-in-latest-mba-weekly-survey\">Mortgage purchase applications were down 17% from a year earlier<\/a>, while the seasonally-adjusted index decreased 8% week over week during the week ending April 22.<\/li>\n<li>For the week ending April 28, <a href=\"http:\/\/www.freddiemac.com\/pmms\/\">30-year mortgage rates hovered at 5.1%<\/a>. This was down just slightly from 5.11% the prior week\u2014the highest level since April 2010.<\/li>\n<\/ul>\n<h3>Key housing market takeaways for 400+ U.S. metro areas:<\/h3>\n<p>Unless otherwise noted, the data in this report covers the <strong>four-week period ending April 24<\/strong>. Redfin\u2019s housing market data goes back through 2012.<\/p>\n<h4>Data based on homes listed and\/or sold during the period:<\/h4>\n<ul>\n<li>The median home sale price was up 17% year over year\u2014the biggest increase since August\u2014to a record $395,600.<\/li>\n<li>The median asking price of newly listed homes increased 16% year over year to $404,950, a new all-time high.<\/li>\n<li>The monthly mortgage payment on the median asking price home rose to a record high of $2,349 at the current 5.1% mortgage rate. This was up 39% from from $1,685 a year earlier, when mortgage rates were 2.98%.<\/li>\n<li>Pending home sales were down 3% year over year, the largest decrease since mid-February.<\/li>\n<li>New listings of homes for sale were down 4% from a year earlier, and have turned in annual declines since mid-March.<\/li>\n<li>Active listings (the number of homes listed for sale at any point during the period) fell 19% year over year.<\/li>\n<li>57% of homes that went under contract had an accepted offer within the first two weeks on the market, up from 54% a year earlier, down less than a percentage point from the record high during the four-week period ending April 3.<\/li>\n<li>43% of homes that went under contract had an accepted offer within one week of hitting the market, up from 41% a year earlier, down less than a percentage point from the record high during the four-week period ending April 17.<\/li>\n<li>Homes that sold were on the market for a record low median of 16 days, down from 22 days a year earlier.<\/li>\n<li>A record 55% of homes sold above list price, up from 45% a year earlier.<\/li>\n<li>On average, 3.5% of homes for sale each week had a price drop. Overall, 14% dropped their price in the past four weeks, up from 11% a month earlier and 9% a year ago. This was the highest share since the end of November.<\/li>\n<li>The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, rose to an all-time high of 102.7%. In other words, the average home sold for 2.7% above its asking price. This was up from 101% a year earlier.<\/li>\n<\/ul>\n<p>Refer to our <a href=\"https:\/\/www.redfin.com\/news\/data-center-metrics-definitions\/\">metrics definition page<\/a> for explanations of all the metrics used in this report.<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_01-median-sale-price.png\" alt=\"Median Sale Price\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-74250\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_01-median-sale-price.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_01-median-sale-price-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_01-median-sale-price-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_01-median-sale-price-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_02-median-asking-price.png\" alt=\"Median Asking Price\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-74251\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_02-median-asking-price.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_02-median-asking-price-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_02-median-asking-price-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_02-median-asking-price-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_03-median-mortgage-payment.png\" alt=\"Median Mortgage Payment\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-74252\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_03-median-mortgage-payment.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_03-median-mortgage-payment-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_03-median-mortgage-payment-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_03-median-mortgage-payment-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_04-pending-sales.png\" alt=\"Pending Sales\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-74253\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_04-pending-sales.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_04-pending-sales-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_04-pending-sales-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_04-pending-sales-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_05-new-listings.png\" alt=\"New Listings\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-74254\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_05-new-listings.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_05-new-listings-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_05-new-listings-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_05-new-listings-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_06-active-listings.png\" alt=\"Active Listings\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-74255\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_06-active-listings.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_06-active-listings-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_06-active-listings-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_06-active-listings-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_07-off-market-in-2-weeks.png\" alt=\"Off-Market in 2 Weeks\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-74243\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_07-off-market-in-2-weeks.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_07-off-market-in-2-weeks-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_07-off-market-in-2-weeks-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_07-off-market-in-2-weeks-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_08-off-market-in-1-week.png\" alt=\"Off-Market in 1 Week\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-74244\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_08-off-market-in-1-week.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_08-off-market-in-1-week-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_08-off-market-in-1-week-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_08-off-market-in-1-week-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_09-days-on-market.png\" alt=\"Days on Market\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-74245\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_09-days-on-market.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_09-days-on-market-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_09-days-on-market-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_09-days-on-market-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_10-sold-above-list.png\" alt=\"Sold Above List\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-74246\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_10-sold-above-list.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_10-sold-above-list-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_10-sold-above-list-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_10-sold-above-list-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_11-price-drops.png\" alt=\"Price Drops\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-74247\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_11-price-drops.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_11-price-drops-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_11-price-drops-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_11-price-drops-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_12-sale-to-list.png\" alt=\"Sale-to-List\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-74248\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_12-sale-to-list.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_12-sale-to-list-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_12-sale-to-list-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_12-sale-to-list-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_13-Redfin-homebuyer-demand-index.png\" alt=\"Redfin Homebuyer Demand Index\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-74249\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_13-Redfin-homebuyer-demand-index.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_13-Redfin-homebuyer-demand-index-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_13-Redfin-homebuyer-demand-index-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-24_13-Redfin-homebuyer-demand-index-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Home sellers and buyers are retreating at similar rates,  resulting in a housing market that remains very competitive even as it slows.<\/p>\n","protected":false},"author":13505,"featured_media":74256,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8,615],"tags":[9,32],"dashboard":[],"coauthors":[62],"class_list":["post-74242","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","category-weekly-market-update","tag-coronavirus","tag-housing-market-tracker"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.6) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Housing Market Update: Typical Buyer\u2019s Monthly Payment Up 39%<\/title>\n<meta name=\"description\" content=\"Home sellers and buyers are retreating at similar rates, resulting in a housing market that remains very competitive even as it slows.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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