The median U.S. mortgage payment during the four weeks ending Dec. 31 was $2,361, according to data from Redfin (NASDAQ:RDFN). This represents a $372 decline (-14%) from October’s all-time high to the lowest level in nearly a year.
As payment levels decline, buyer interest is rising. Redfin’s Homebuyer Demand Index spiked by 10% from one month ago to its highest level since August. Pending sales are down just 3% annually, the smallest decline in two years.
Nonetheless, home prices are still rising. Redfin reported the median home price for the four weeks ending Dec. 31 was $363,371, a 4.4% increase and highest upswing since October 2022. Active listings were down 3.3% and the 3.8-month supply is considered below the 4% to 5% level the defines a balanced market.
