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The typical home for sale found a buyer in 15 days, the fastest pace on record, during the four-week period ending May 8. Meanwhile, pending sales fell 6%, the largest year-over-year decline since June 2020 when the initial pandemic shock to the housing market was just wearing off. Many of the buyers who haven’t yet been priced out by skyrocketing housing costs have been rushing to snag homes before they become even more expensive. The typical homebuyer’s monthly mortgage payment is now $2,427, a record high and up 44% from $1,685 a year earlier.

“Rising mortgage rates have taken a notable bite out of demand,” said Redfin Chief Economist Daryl Fairweather. “But still, homebuyers who remain in the market are facing stiff competition, especially for the most desirable homes. Given the lack of homes for sale, it would take a much larger drop in demand for buyers to really feel like the market has truly turned in their favor.”