1008 ET - The average U.S. homebuyer's monthly payment reached a record $2,807 in late March, up 5.3% from last year, Redfin says. Rising sale prices--up 3% annually--and mortgage rates averaging 6.67%--double pandemic lows--are driving the surge. Though rates fell from January's 7.04%, high costs still stifle sales, with pending home sales down 4.6%. But spring seems to be sparking activity: mortgage applications hit a seasonal peak since February, home tours outpace last year, and "homes for sale" searches have soared. New listings jumped 7.5%, the biggest rise in 2025. If listings grow and rates drop, pending sales could rebound. Redfin agents have said that some buyers are negotiating successfully despite high prices. (chris.wack@wsj.com)

(END) Dow Jones Newswires

March 27, 2025 10:08 ET (14:08 GMT)

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