Monthly Mortgage Payments Hit Record $2,819 as Homebuyers Slightly Retreat, Redfin Reports

Housing costs are at an all-time high, cooling demand in some markets as economic uncertainty and elevated rates weigh on buyer confidence.

A “For Sale” sign in front of a home in San Anselmo, Calif., on March 22, 2023. Justin Sullivan/Getty Images

A growing number of prospective homebuyers are backing out of the market as monthly housing costs hit a new record, home price growth slows, and economic concerns mount, according to a new report by real estate broker Redfin.

The report, released April 17, found the median monthly mortgage payment in the United States rose to a record high of $2,819 during the four weeks ending April 13. The jump, fueled by elevated home prices and stubborn mortgage rates, is contributing to a pullback in buyer activity in many regions.

“A lot of buyers, especially first-timers, are backing off because they’re nervous about a potential recession,” said Redfin Premier agent Venus Martinez in Los Angeles. “Some house hunters are hanging out on the sidelines because they’re hopeful mortgage rates will come down soon. The buyers who are still active, typically those who need to move, are picky and unwilling to pay over the asking price. And those buyers have the right strategy: Many of today’s sellers are willing to negotiate the price down.”

Nationally, the median home-sale price increased by 2.6 percent year over year to $387,000. While still climbing, that rate of growth is about half of what Redfin reported at the end of 2024. Analysts attributed the slowing pace to a widening gap between supply and demand.

New home listings were up by 11.2 percent from a year earlier, and active listings increased by 12.3 percent—the largest annual jump in a year. At the same time, pending sales dipped by nearly 1 percent. Mortgage-purchase applications fell by 5 percent week over week, but remain 13 percent higher than a year ago, Redfin reported.

In some major markets, prices are already slipping. Jacksonville, Florida, recorded a 2.8 percent year-over-year decline in the median sale price. Similar drops were seen in San Antonio and Austin, Texas, as well as in several California metros. Meanwhile, cities in the Northeast and Midwest—including Newark, New Jersey; Cleveland; and Milwaukee—posted the largest gains, with Newark leading at 10.9 percent.

Redfin said economic instability is pushing some homeowners to list now out of concern that property values could decline.

The average 30-year fixed mortgage rate was 6.62 percent for the week ending April 10, down slightly from earlier peaks but still high enough to limit affordability. Touring activity is up by 39 percent since the beginning of the year, signaling ongoing interest, but analysts note that fewer tours are translating into sales.

Homes are also sitting on the market longer. The national median time on market rose to 41 days, up five days from the same time last year. The share of homes sold above list price dropped to 25.8 percent from 29 percent, while the average sale-to-list price ratio edged down to 98.7 percent.