Monthly home payments hit a new record high of $2,747, reflecting an 11% increase from last year. Redfin attributed this surge to escalating home prices and persistently high mortgage rates.
Despite a 14% rise in new listings, inventory levels remain low, leading to high competition for available homes. Elevated mortgage rates are contributing significantly to driving up monthly housing payments.
Chen Zhao, Redfin economic research lead, highlighted that persistently high mortgage rates are expected to continue driving up housing costs. Rising supply may eventually cool home-price growth by the year's end.
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