1329 ET - In December, U.S. homebuyers typically paid 16.3% of the purchase price as a down payment, up from 15% the previous year, averaging $63,188--7.5% increase, according to Redfin. Rising home prices drove this move higher, with the median sale price hitting $428,000--up 6.3%. Higher mortgage rates near 7% also encouraged bigger down payments to lower monthly costs. Unlike the pandemic's volatile swings--when median down payments jumped from 10% pre-pandemic to 15% in 2021 amid a buying frenzy fueled by sub-3% rates and bidding wars--down payments have stabilized, Redfin says. Today's buyers aren't just competing, they're adapting to costlier homes and borrowing conditions.(chris.wack@wsj.com)
(END) Dow Jones Newswires
February 25, 2025 13:29 ET (18:29 GMT)
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