{"id":76570,"date":"2023-08-04T05:00:28","date_gmt":"2023-08-04T12:00:28","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=76570"},"modified":"2023-08-03T13:31:04","modified_gmt":"2023-08-03T20:31:04","slug":"housing-market-update-monthly-mortgage-payments-near-record-high","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-monthly-mortgage-payments-near-record-high\/","title":{"rendered":"Housing Market Update: The Typical U.S. Homebuyer\u2019s Monthly Payment Is Up Nearly 20% From a Year Ago As Prices Rise"},"content":{"rendered":"<p><i><span style=\"font-weight: 400;\">The median U.S. home-sale price is up 3.2% year over year, the biggest increase since November, and mortgage rates remain elevated. Prices are increasing largely due to the lack of supply, with inventory posting its biggest drop in 18 months as homeowners grasp onto low rates.\u00a0<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">The typical U.S. homebuyer\u2019s monthly mortgage payment was $2,605 during the four weeks ending July 30, up 19% from a year earlier and down just $32 from early July\u2019s all-time high. Housing payments remain historically high because mortgage rates remain elevated, with weekly average rates clocking in at <\/span><a href=\"https:\/\/www.freddiemac.com\/pmms\"><span style=\"font-weight: 400;\">6.9%<\/span><\/a><span style=\"font-weight: 400;\"> this week, and home prices are on the rise. The median home-sale price is up 3.2% year over year, the biggest increase since November.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Home prices are increasing because of the mismatch between supply and demand. High mortgage rates have pushed many would-be sellers out of the market, with homeowners <a href=\"https:\/\/www.redfin.com\/news\/high-mortgage-rates-lock-in-homeowners-2023\/\">hanging onto<\/a> their relatively low rates. The total number of homes for sale is down 19%, the biggest drop in a year and a half, and new listings are down 21%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">High rates are also sidelining prospective buyers, but not as much as they\u2019re deterring would-be sellers. Redfin\u2019s Homebuyer Demand Index, which measures early-stage demand through requests for tours and other buying services from Redfin agents, is down just 4% from a year ago.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Leading indicators of homebuying activity:<\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">For the week ending August 3,\u00a0 the average 30-year fixed mortgage rate was <\/span><a href=\"https:\/\/www.freddiemac.com\/pmms\"><span style=\"font-weight: 400;\">6.9%<\/span><\/a><span style=\"font-weight: 400;\">, slightly higher than a week earlier but slightly lower than the half-year high hit three weeks earlier. The daily average was <\/span><a href=\"https:\/\/www.mortgagenewsdaily.com\/mortgage-rates\/30-year-fixed\"><span style=\"font-weight: 400;\">7.2%<\/span><\/a><span style=\"font-weight: 400;\"> on August 3.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Mortgage-purchase applications during the week ending July 28 <\/span><a href=\"https:\/\/www.mba.org\/news-and-research\/newsroom\/news\/2023\/08\/02\/mortgage-applications-decrease-in-latest-mba-weekly-survey\"><span style=\"font-weight: 400;\">declined 3%<\/span><\/a><span style=\"font-weight: 400;\"> from a week earlier, seasonally adjusted. Purchase applications were down 26% from a year earlier.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The seasonally adjusted Redfin Homebuyer Demand Index\u2013a measure of requests for home tours and other homebuying services from Redfin agents\u2013was down 4% from a month earlier, and down 4% from a year earlier.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Google searches for \u201c<\/span><a href=\"https:\/\/trends.google.com\/trends\/explore?date=today%205-y&amp;q=homes%20for%20sale#cmpt=q\"><span style=\"font-weight: 400;\">homes for sale<\/span><\/a><span style=\"font-weight: 400;\">\u201d were up essentially flat from a month earlier during the week ending July 29, and down about 16% from a year earlier.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Touring activity as of July 28 was up 8% from the start of the year, compared with a 5% <\/span><i><span style=\"font-weight: 400;\">decrease<\/span><\/i><span style=\"font-weight: 400;\"> at the same time last year, according to home tour technology company <\/span><a href=\"https:\/\/www.showingtime.com\/impact-of-coronavirus\/\"><span style=\"font-weight: 400;\">ShowingTime<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Key housing market takeaways for 400+ U.S. metro areas:<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Unless otherwise noted, the data in this report covers the <\/span><b>four-week period ending July 30<\/b><span style=\"font-weight: 400;\">. Redfin\u2019s weekly housing market data goes back through 2015.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Data based on homes listed and\/or sold during the period:<\/span><\/h2>\n<p><i><span style=\"font-weight: 400;\">For bullets that include metro-level breakdowns, Redfin analyzed the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy.<\/span><\/i><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The median home sale price was $380,250, up 3.2% from a year earlier. That\u2019s the biggest increase since November.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Sale prices<\/span> <span style=\"font-weight: 400;\">increased most in Miami (12.7% YoY), Cincinnati (9%), Milwaukee (8.6%), Anaheim, CA (8.5%) and West Palm Beach, FL (8.4%).\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Home-sale prices declined in 19 metros, with the biggest drops in Austin, TX (-9.9% YoY), Phoenix (-4.2%), Detroit (-3.9%), Las Vegas (-3.5%) and Fort Worth, TX (-3.2%).\u00a0\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The median asking price of newly listed homes was $387,223, up 1.7% from a year earlier.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The monthly mortgage payment on the median-asking-price home was $2,605 at a 6.9% mortgage rate, the average for the week ending August 3. That\u2019s down about 1% ($32) from the record high hit three weeks earlier, but up 19% from a year earlier.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Pending home sales were down 14.4% year over year, continuing a year-plus streak of double-digit declines.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Pending home sales fell in all but two of the metros Redfin analyzed. They declined most in Providence, RI (-29.5% YoY),\u00a0 Newark, NJ (-28.8%), Warren, MI (-26.4%), Boston (-26.3%) and Cincinnati (-25.1%). They increased 3.5% in Las Vegas and were flat in Austin.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">New listings of homes for sale fell 21.3% year over year. That\u2019s a substantial decline, but the smallest in three months.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">New listings declined in all metros Redfin analyzed. They fell most in Las Vegas (-43.4% YoY), Phoenix (-39.7%), Providence, RI (-32%), Sacramento, CA (-31.9%) and Oakland, CA (-30.7%).\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Active listings (the number of homes listed for sale at any point during the period) dropped 19% from a year earlier, the biggest drop since February 2022. Active listings were down slightly from a month earlier; typically, they post month-over-month increases at this time of year.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Months of supply\u2014a measure of the balance between supply and demand, calculated by the number of months it would take for the current inventory to sell at the current sales pace\u2014was 2.9 months, the highest level since April. Four to five <\/span><a href=\"https:\/\/www.redfin.com\/definition\/monthsof-supply\"><span style=\"font-weight: 400;\">months of supply<\/span><\/a><span style=\"font-weight: 400;\"> is considered balanced, with a lower number indicating seller\u2019s market conditions.\u00a0\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">43.7% of homes that went under contract had an accepted offer within the first two weeks on the market, up from 42% a year earlier.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Homes that sold were on the market for a median of 27 days, up from 23 days a year earlier.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">35.9% of homes sold above their final list price, down from 43% a year earlier.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">On average, 5.8% of homes for sale each week had a price drop, down from 6.3% a year earlier.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The average sale-to-list price ratio, which measures how close homes are selling to their final asking prices, was 100%. That\u2019s down from 100.7% a year earlier.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Refer to our <\/span><a href=\"https:\/\/www.redfin.com\/news\/data-center-metrics-definitions\/\"><span style=\"font-weight: 400;\">metrics definition page<\/span><\/a><span style=\"font-weight: 400;\"> for explanations of all the metrics used in this report.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-76572 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/median-sale-price-8223.png\" alt=\"\" width=\"1075\" height=\"802\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/median-sale-price-8223.png 1075w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/median-sale-price-8223-300x224.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/median-sale-price-8223-1024x764.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/median-sale-price-8223-768x573.png 768w\" sizes=\"(max-width: 1075px) 100vw, 1075px\" \/><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-76573 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/median-asking-price-8223.png\" alt=\"\" width=\"1073\" height=\"803\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/median-asking-price-8223.png 1073w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/median-asking-price-8223-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/median-asking-price-8223-1024x766.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/median-asking-price-8223-768x575.png 768w\" sizes=\"(max-width: 1073px) 100vw, 1073px\" \/><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-76574 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/housing-payments-8323.png\" alt=\"\" width=\"1074\" height=\"800\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/housing-payments-8323.png 1074w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/housing-payments-8323-300x223.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/housing-payments-8323-1024x763.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/housing-payments-8323-768x572.png 768w\" sizes=\"(max-width: 1074px) 100vw, 1074px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76575 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/pending-sales-8223.png\" alt=\"\" width=\"1077\" height=\"803\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/pending-sales-8223.png 1077w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/pending-sales-8223-300x224.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/pending-sales-8223-1024x763.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/pending-sales-8223-768x573.png 768w\" sizes=\"(max-width: 1077px) 100vw, 1077px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76576 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/new-listings-8223.png\" alt=\"\" width=\"1077\" height=\"805\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/new-listings-8223.png 1077w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/new-listings-8223-300x224.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/new-listings-8223-1024x765.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/new-listings-8223-768x574.png 768w\" sizes=\"(max-width: 1077px) 100vw, 1077px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76577 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/active-listings-8223.png\" alt=\"\" width=\"1076\" height=\"802\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/active-listings-8223.png 1076w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/active-listings-8223-300x224.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/active-listings-8223-1024x763.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/active-listings-8223-768x572.png 768w\" sizes=\"(max-width: 1076px) 100vw, 1076px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76578 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/mos-8223.png\" alt=\"\" width=\"1073\" height=\"802\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/mos-8223.png 1073w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/mos-8223-300x224.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/mos-8223-1024x765.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/mos-8223-768x574.png 768w\" sizes=\"(max-width: 1073px) 100vw, 1073px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76579 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/two-weeks-8223.png\" alt=\"\" width=\"1071\" height=\"803\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/two-weeks-8223.png 1071w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/two-weeks-8223-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/two-weeks-8223-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/two-weeks-8223-768x576.png 768w\" sizes=\"(max-width: 1071px) 100vw, 1071px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76580 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/dom-73123.png\" alt=\"\" width=\"1075\" height=\"806\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/dom-73123.png 1075w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/dom-73123-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/dom-73123-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/dom-73123-768x576.png 768w\" sizes=\"(max-width: 1075px) 100vw, 1075px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76581 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/sold-above-list-73123.png\" alt=\"\" width=\"1074\" height=\"802\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/sold-above-list-73123.png 1074w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/sold-above-list-73123-300x224.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/sold-above-list-73123-1024x765.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/sold-above-list-73123-768x573.png 768w\" sizes=\"(max-width: 1074px) 100vw, 1074px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76582 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/price-drops-8223.png\" alt=\"\" width=\"1076\" height=\"809\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/price-drops-8223.png 1076w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/price-drops-8223-300x226.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/price-drops-8223-1024x770.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/price-drops-8223-768x577.png 768w\" sizes=\"(max-width: 1076px) 100vw, 1076px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76583 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/sale-to-list-73123.png\" alt=\"\" width=\"1074\" height=\"803\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/sale-to-list-73123.png 1074w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/sale-to-list-73123-300x224.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/sale-to-list-73123-1024x766.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/sale-to-list-73123-768x574.png 768w\" sizes=\"(max-width: 1074px) 100vw, 1074px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76584 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/demand-index-8223.png\" alt=\"\" width=\"1074\" height=\"806\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/demand-index-8223.png 1074w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/demand-index-8223-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/demand-index-8223-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/demand-index-8223-768x576.png 768w\" sizes=\"(max-width: 1074px) 100vw, 1074px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The median U.S. home-sale price is up 3.2% year over year, the biggest increase since November, and mortgage rates remain elevated. Prices are increasing largely due to the lack of supply, with inventory posting its biggest drop in 18 months as homeowners grasp onto low rates.\u00a0 The typical U.S. homebuyer\u2019s monthly mortgage payment was $2,605 [&hellip;]<\/p>\n","protected":false},"author":13153,"featured_media":76571,"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 center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8,615],"tags":[32,625,623],"coauthors":[124],"class_list":["post-76570","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","category-weekly-market-update","tag-housing-market-tracker","tag-housing-market-update","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Housing Market Update: The Typical U.S. Homebuyer\u2019s Monthly Payment Is Up Nearly 20% From a Year Ago<\/title>\n<meta name=\"description\" content=\"The median U.S. home-sale price is up 3.2% year over year, the biggest increase since November, and mortgage rates remain elevated. Prices are increasing largely due to the lack of supply, with inventory posting its biggest drop in 18 months as homeowners grasp onto low rates.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/news\/housing-market-update-monthly-mortgage-payments-near-record-high\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Housing Market Update: The Typical U.S. Homebuyer\u2019s Monthly Payment Is Up Nearly 20% From a Year Ago As Prices Rise\" \/>\n<meta property=\"og:description\" content=\"The median U.S. home-sale price is up 3.2% year over year, the biggest increase since November, and mortgage rates remain elevated. 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