0953 ET - The 2025 spring homebuying season is lackluster, Redfin says, with record-high housing costs and widespread economic instability keeping would-be homebuyers at bay. Mortgage-purchase applications are down 6% month over month. Pending home sales fell, too, declining 2.8% year over year nationwide during the four weeks ended April 27. That dip is mainly due to a holiday effect--Easter fell into this year's four-week period, but not in the comparable period in 2024--but even without that effect, pending sales would likely be flat from a year ago. The median U.S. monthly housing payment is at a high of $2,870, due to still-rising home prices and elevated mortgage rates. (chris.wack@wsj.com)
(END) Dow Jones Newswires
May 01, 2025 09:53 ET (13:53 GMT)
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