0959 ET - The typical U.S. homebuyer's monthly payment is $2,793, near its peak, due to rising home prices and high mortgage rates, Redfin says. With median home prices up 3.3% and mortgage rates at 6.65%, affordability issues are curbing demand-pending sales dropped 5.2%. But signs of activity are emerging: mortgage applications hit a six-week high, hinting at potential sales growth if rates fall further. Rates might drop if inflation cools or economic weakness signals a recession. Some buyers and sellers await lower rates or fear job loss, while others re-enter, accepting the market won't revert to 2020 levels. New listings rose 5.5%, the largest jump in six weeks, offering some supply relief.(chris.wack@wsj.com)
(END) Dow Jones Newswires
March 20, 2025 09:59 ET (13:59 GMT)
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