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More Than Half of U.S. Homes Sold Above List Price

According to a new report from Redfin [1], the typical homebuyer’s monthly mortgage payment jumped to 39%, — the largest year-over-year gain on record as the average 30-year-fixed rate remained at a 12-year high of 5.1%.

“Rising mortgage rates are taking a bite out of pending sales as both buyers and sellers take a step back from the turbulent market,” said Redfin Chief Economist Daryl Fairweather. “It seems as though the ratio of buyers to sellers remains mostly the same, which is why we have yet to see a substantial drop in bidding wars or the share of homes selling quickly. It's still early days though when it comes to 5% mortgage rates. The number of buyers willing to pay such high mortgage payments could evaporate by late summer.”

Pending home sales posted their largest year-over-year decrease since mid-February and mortgage purchase applications fell 17%, while new listings fell 4%, and the share of listings with price drops rose to its highest level since November.

Sold Above List

Key housing market takeaways for 400+ U.S. metro areas:

New ListingsLeading indicators of homebuying activity:

To read the full report, including charts and methodology, click here [2].