1000 ET - The median U.S. monthly housing payment hit $2,686 in the four weeks ending Jan. 19, the highest in nearly seven months, Redfin says. This surge is driven by a 7.04% mortgage rate, the highest since May, and a 5% rise in median home-sale prices year-over-year. High costs have sidelined many buyers, with pending sales down 10.1% year-over-year, the largest drop in more than a year. Homes, on average, are taking 52 days to sell, the longest amount of time in two years. Factors like cold weather, the California wildfires, and limited new listings are also dampening sales. But relief might be coming, as mortgage rates dipped following a softer CPI report, and sale-price growth is slowing, with only a 5% increase year-over-year, the smallest since October. (chris.wack@wsj.com)
(END) Dow Jones Newswires
January 23, 2025 10:00 ET (15:00 GMT)
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