The Spring market is upon us and new data out from Redfin indicates that a heatwave may be headed our way. For the four weeks ending March 10, the median U.S. monthly housing payment was $2,686 —just $30 shy of last October’s all-time high. On a local level, prices increased in all 50 of the most populous U.S. metros, the first time that has happened since July 2022.
“Mortgage rates are likely to stay high a little longer than expected, with the latest inflation report essentially eliminating any chance of the Fed cutting interest rates before June,” said Redfin Economic Research Lead Chen Zhao. “Buyers who can afford to may want to get serious about their home search now, as housing costs are unlikely to fall anytime soon. The uptick in listings should be another motivator for buyers: There’s more to choose from, and improving inventory may bring out more competition from other buyers as we get further into spring. Some buyers have already gotten the memo, with mortgage applications finally increasing after weeks of declines.”
During the same four-week period, touring activity was up 29 percent from the start of the year. Google searches for “home for sale” were down 4 percent from a month earlier.
The national median sale price was $371,750—up 5.1 percent from one year earlier.