Even though U.S. home prices have fallen by their biggest margin in over ten years, monthly housing payments have hit a record high, according to real estate brokerage Redfin.
Median home-sale price fell 2.6 percent from a year back during the four weeks ending April 16, Redfin said in a press release Thursday—the biggest decline in more than a decade and the eighth straight four-week drop. Home prices fell in 30 of the 50 most populous U.S. metros. Despite the price drop, the typical homebuyer’s monthly housing payment hit an “all-time high” of $2,538 as average weekly mortgage rates rose to 6.39 percent. This is up $265, or 12 percent, from 2022….