In the four-week period ending April 21, the company said the price reached $383,725, marking one of the largest leaps in home prices since October 2022.
Chen Zhao, the economic research lead at Redfin, said prospective buyers should “accept that this year is probably not the time to find a dream deal.”
“Price growth may cool slightly in the coming months if mortgage rates stay high or rates might fall slightly — but overall housing costs are likely to remain elevated for the foreseeable future,” Zhao said.
Redfin has also found that, to get around high prices and borrowing costs, the rate of all-cash home buys is at a near-record high.
More than 1 in 3 homes were purchased with cash in February, and the median down payment jumped to $55,640, up 24.1 percent from the year before.
But most buyers can’t afford to make an all-cash offer or offer a larger down payment, which Zhao previously said is “creating a reality where in many places, wealthy Americans are the only ones who can afford to buy homes.”
“My advice to sellers is to price your home fairly. Even though sellers are getting top dollar at the moment, they should price competitively to attract buyers from the start and avoid having to drop their price as stubbornly high mortgage rates eat into buying budgets,” Zhao said.
The Hill’s Taylor Giorno has more here.
