IE Business Daily Business news for the Inland Empire.
The U.S. median monthly home payment reached $2,647 during the four weeks that ended June 14, its highest rate in one year, according to a report.
That was $100 less than the all-time highest payment, which was recorded two years ago, Seattle-based Redfin reported.
“Housing payments are rising because both home-sale prices and mortgage rates remain stubbornly high,” the report states. “The median sale price rose 2.3 percent year-over-year to a record high of $403,889, and the weekly average mortgage rate is 6.5 percent, near its highest level in 10 months.”
Pending home sales fell 0.6 percent week-over-week, the fifth consecutive week that number has declined. Also, new listings fell 0.4 percent, and the total number of homes for sale fell 0.1 percent, Redfin reported.
