Investing.com -- The median monthly mortgage payment for the typical U.S. homebuyer reached a record high of $2,807 in the four weeks ending March 23, marking a 5.3% increase from the previous year, according to a report from Redfin (NASDAQ: RDFN ), the technology-driven real estate brokerage. This surge in housing costs, driven by a rise in sale prices and a high average weekly mortgage rate of 6.67%, has resulted in a slowdown in pending home sales, which are down 4.6% year over year.
Despite the high costs, some potential buyers are beginning to explore the market, with mortgage-purchase applications reaching their highest level since the beginning of February. Data from ShowingTime indicates a faster rise in home tours compared to last year, and Google (NASDAQ: GOOGL ) searches for "homes for sale" have reached their highest since August.
On the supply side, new listings of homes for sale have increased by 7.5% year over year, marking the largest increase so far in 2025. If this trend continues, coupled with a decline in mortgage rates, pending sales may see an improvement in the coming months.
Redfin agents across the country have noted that despite high costs, some buyers are managing to negotiate favorable deals. Kimberly Freutel, a Redfin Premier agent in Sammamish, WA, shared that some cautious buyers are managing to secure homes for under the asking price.
The report also highlighted key housing market data for the four weeks ending March 23, 2025. The median sale price was recorded at $383,750, up 3% from the previous year. The median asking price saw a 6.3% increase to $424,985. Active listings stood at 970,228, marking the smallest increase in a year, and the number of new listings was 99,152, representing the biggest increase of 2025.
The housing market data also revealed regional variations. Cities such as Cleveland, Nassau County, NY, and Newark, NJ, saw the biggest year-over-year increases in median sale price, while cities like Jacksonville, FL, Tampa, FL, and Austin, TX saw decreases. New listings saw the most significant increases in Phoenix, Denver, and Sacramento, CA, while cities like Detroit, San Antonio, and Nassau County, NY saw declines.
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