Home prices hit new record high, pushing buyers to the edge


Share post:

“Prices keep rising despite declining sales because there aren’t enough homes on the market,” the report stated, noting that new listings were up about 8% year-over-year but inventory remained lower than typical spring levels.

High housing costs are also taking a toll, with the median monthly mortgage payment reaching $2,854 – just $20 shy of April’s all-time high – even as average mortgage rates dipped to 7.02% from 7.22% at the start of May.

Read next: How are high mortgage rates affecting US homebuying activity?

“Move-up buyers feel stuck because they’re ready for their next house, but it just doesn’t make financial sense to sell with current interest rates so high,” said Sam Brinton, a Redfin agent in Salt Lake City. “The homeowners listing right now are often doing so because they need to: family emergencies, having a baby and needing more space.”

Brinton advised buyers to be prepared, as “many sellers are willing to negotiate” if homes don’t have competing offers, suggesting offering below asking price or requesting concessions.



Please enter your comment!
Please enter your name here

Related articles

Republican National Convention prepares for address from former president

March 5: Donald Trump wins 14 of 15 states on offer during Super Tuesday Republican primaries, while...

Let’s Talk Blockchain, Not “Crypto”

Disregard all the hype around crypto in general and bitcoin in particular. Blockchain represents the real opportunity...

Democratic donors up the pressure on Biden to drop out, as Kamala Harris events fill up

U.S. President Joe Biden and Vice President Kamala Harris stand on stage together after delivering remarks at...

Capital One Venture Rewards Credit Card Review (2024.7 Update: 75k+$250 Offer)

ThunderFat      2024-07-18     2024-07-18 2024.7 Update: The new offer is 75k + $250...