\n(NASDAQ: RDFN) \u2014 The typical U.S. homebuyer\u2019s monthly housing payment hit an all-time high of $2,807 during the four weeks ending March 23, up 5.3% from a year earlier. That\u2019s according to a new report<\/a> from Redfin (redfin.com<\/a>), the technology-powered real estate brokerage.\n<\/p>\n
\nHousing costs are soaring for two reasons. One, sale prices keep rising; the median home-sale price is up 3% year over year. Two, the average weekly mortgage rate is 6.67%\u2014more than double pandemic-era lows. But rates have dropped from an eight-month high of 7.04% in January; monthly payments would be even higher if not for the recent decline in rates.\n<\/p>\n
\nHigh costs are putting a lid on home sales. Pending home sales are down 4.6% year over year, in line with the declines Redfin has seen over the last few months. But as spring begins, some house hunters are stepping off the sidelines, touring homes and applying for mortgages. Mortgage-purchase applications are at their highest level since the start of February on a seasonally adjusted basis, ShowingTime data signals that home tours are rising faster than they were last year, and Google searches of \u201chomes for sale\u201d are at their highest level since August.\n<\/p>\n
\nSellers are entering the market faster than buyers. New listings of homes for sale are up 7.5% year over year, the biggest increase so far in 2025. If new listings continue to rise and mortgage rates continue to decline, pending sales may improve in the coming months.\n<\/p>\n
\nRedfin agents in many parts of the country say that even though costs are high, some buyers are able to negotiate in their favor.\n<\/p>\n
\n\u201cBuyers are cautious because they\u2019re worried about the economy and potential layoffs, and they’re wondering if mortgage rates will come down later this year. But because other buyers are cautious too, some house hunters are getting homes for under asking price,\u201d said Kimberly Freutel<\/a>, a Redfin Premier<\/a> agent in Sammamish, WA. \u201cIf you love a home and you see yourself living there for at least four or five years, make an offer you\u2019re comfortable with, even if it\u2019s a little below list. Don\u2019t assume it will escalate out of your price range, because the seller might actually take it. I\u2019m asking my clients, \u2018Would you be sad if this home ends up selling for less than asking price to someone else?\u2019\u201d\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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