Housing Payments Hit 1-Year High, Sending Buyers to the Sidelines

Median monthly housing payments reached $2,647 during the four weeks ending June 14, the highest level in a year and about $100 below 2023’s peak, as median sale prices climbed 2.3% year-over-year to a record $403,889. Pending home sales fell for the fifth consecutive week as elevated prices, high mortgage rates, and economic uncertainty deterred buyers. New listings also fell as sellers responded to weakening demand.