In June, the median down payment for homebuyers reached a record $67,500, surging nearly 15% from $58,788 a year ago. This increase is indicative of buyers increasingly investing higher amounts as they navigate a competitive housing market, looking for lower monthly mortgage payments.
Redfin attributes the rise in down payments to market dynamics where higher-priced, turnkey homes in sought-after neighborhoods are in greater demand, prompting buyers to offer larger down payments than before.
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