\n(NASDAQ: RDFN) \u2014The typical U.S. homebuyer\u2019s monthly housing payment is $2,793, just a few dollars shy of the all-time high, according to a new report<\/a> from Redfin (redfin.com<\/a>), the technology-powered real estate brokerage. Housing payments are sky-high because sale prices keep rising and mortgage rates remain high.\n<\/p>\n
\nThe 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.\n<\/p>\n
\nLack 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.\n<\/p>\n
\nBut there are signals that house hunters are stepping off the sidelines, even if they\u2019re not following through with a purchase yet. Redfin\u2019s Homebuyer Demand Index\u2014a seasonally adjusted measure of home tours and other buying services from Redfin agents\u2014hit its highest level in three months, and ShowingTime data shows that home tours are rising faster this year than in 2024. Additionally, seasonally adjusted mortgage-purchase applications are sitting at their highest level in six weeks. Rising demand could translate into an improvement in pending sales in the coming months, especially if mortgage rates decline more. Rates could decline if inflation eases and we see stronger evidence of weak economic data that point toward a recession<\/a>.\n<\/p>\n \n\u201cSome prospective buyers and sellers are still waiting for rates to drop and others are holding off because they\u2019re worried about the economy and losing their job. But others are jumping back in because it\u2019s clear the market isn\u2019t going back to where it was in 2020,\u201d said Heather Mahmood-Corley<\/a>, a Redfin Premier<\/a> agent in Phoenix<\/a>. \u201cOverall, it feels more like a buyer\u2019s market than a seller\u2019s market. I\u2019m telling sellers their home needs to look like a model house, and it probably needs to be priced lower than they think. Even though costs are high, it\u2019s not a bad time to buy: For listings that sit on the market a long time, many buyers are able to successfully negotiate.\u201d\n<\/p>\n \nOn the supply side, new listings are up 5.5% year over year, the biggest increase in six weeks.\n<\/p>\n \nFor Redfin economists\u2019 takes on the housing market, please visit Redfin\u2019s \u201cFrom Our Economists<\/a>\u201d page.\n<\/p>\n Leading indicators<\/b><\/p>\n
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