More people in the U.S. are out house-hunting, but the prices they will have to pay – and the number of years they would have to save to afford a down payment – have risen steeply since 2020, new reports from Redfin and Zillow reveal.
One thing favoring potential buyers is that there are now 13% more homes for sale across the nation than last year, creating more inventory, though active listings are flat, Redfin reported. On the other hand, for the four weeks ending February 25, the typical mortgage payment was $2,671 – almost at the record high reached in October 2023.
According to the S&P CoreLogic Cash-Shiller national home price index, annual house prices climbed 5.5% in December 2023, its seventh consecutive record high. "Ten of 20 markets beat prior records," it noted.
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