1004 ET - The median U.S. monthly housing payment hit an all-time high of $2,868 during the four weeks ending May 4, according to Redfin. That's due to two key factors: Home-sale prices are up 1.8% year-over-year, and the weekly average mortgage rate is 6.76%, down slightly from mid-April but elevated well above pandemic-era lows. These record-high housing costs, along with widespread economic uncertainty, are stunting this spring's homebuying season, according to Redfin. Mortgage-purchase applications increased last week, but they're down 6% month over month. Additionally, pending home sales are down 3.9% year over year, the biggest decline in three months. A holiday effect is also pushing down sales; Easter fell into this year's four-week period, but not last year's comparable period, Redfin says. On the selling side, new listings are up 5.5% year-over-year.(chris.wack@wsj.com)
(END) Dow Jones Newswires
May 08, 2025 10:04 ET (14:04 GMT)
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