Redfin: Typical Monthly Payment Up Nearly 20% From Last Year

(Image courtesy Redfin)

Redfin, Seattle, found the typical U.S. homebuyer’s monthly payment is up 19% from a year ago, at $2,605, during the four weeks ending July 30.

However, earlier in July marked the all-time high; the most recent numbers are down $32 from that period.

The median sales price is up 3.2% year-over-year, to $380,250–the largest jump since November.

The mismatch in supply and demand continues to push home prices higher. The total number of homes for sale is down 19%, the biggest drop in 18 months. New listings are down 21%.

Active listings were also down slightly from a month earlier; Redfin said typically they post month-over-month increases during this time of year.

Redfin noted that high rates are deterring would-be sellers more than prospective buyers, as its Homebuyer Demand Index, which measures early stage demand, is only down by 4% from this time in 2022.