Average Homebuyer's Monthly Mortgage Payment Up 19% From Last Year

WRE News August 9, 2023


Average Homebuyer's Monthly Mortgage Payment Up 19% From Last Year

The typical U.S. homebuyer’s monthly mortgage payment was $2,605 during the four weeks ending July 30, according to new data from Redfin (NASDAQ: RDFN). This represents a 19% year-over-year spike, but it is also $32 less than the record-high payment level from early July.

Redfin reported the median home sale price was $380,250 during this four-week period, up 3.2% from one year earlier – this is also the biggest price increase since last November. Year-over-year sale prices increased the most in Miami (12.7%), Cincinnati (9%) and Milwaukee (8.6%), but prices dropped in 19 metros including Austin (-9.9%), Phoenix (-4.2%), and Detroit (-3.9%).

Pending home sales were down 14.4% year-over-year, with declines in all but two of the metros tracked by Redfin – they increased 3.5% in Las Vegas and remained flat in Austin. New listings of homes for sale were down by 21.3% from one year ago, the smallest decline in three months.

Redfin added that 35.9% of homes sold above their final list price, down from 43% a year earlier, while the average sale-to-list price ratio was 100%, down from 100.7% one year earlier.

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