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Median Monthly Housing Costs At New Record High

WRE News May 12, 2024

Buyer

Median Monthly Housing Costs At New Record High

The median U.S. monthly housing payment set a record high at $2,894 during the four weeks ending May 5, up 14% from one year earlier, according to new data from Redfin (NASDAQ:RDFN).

During this period, Redfin reported the median sale price reached $384,721, up 4.5% for a new record high. The median asking price of $419,519 was up 6.5%, also a new peak.

Redfin also noted 30% of homes sold above asking price, down from 32% a year earlier and more than 50% two years earlier – with 6.2% of home sellers dropping their asking price, the highest share since November and up from 4.3% a year ago.

While this occurred, new listings rose 9% year-over-year and pending home sales dropped 3% from one year earlier, the biggest decline in two months.

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