US home prices hit a decade low amid high mortgage payments

Posted on May 1, 2023   |  

In the 4-weeks ending April 16th, the median home-sale prices fell by 2.6% from 2022, the biggest drop in over a decade.

Despite this drop, the average US homebuyer’s monthly housing payment reached an all-time high of $2,538 as the average weekly mortgage rate rose to 6.39%, following 5-weeks of declines. 

The pending home sales fell annually by 19%, which is the largest drop in 3 months, and last week, mortgage-purchase applications decreased by 10%.

Buyers are also restricted by the lack of homes for sale, with new listings down 21% as homeowners with lower mortgage rates prefer to remain in their existing homes.