Average Monthly Mortgage Payment for Americans Reaches Almost $2000 a Month
The estimated monthly mortgage payment for a typical home for sale rose 25% from last year - to an average of about $1,931. The average sale of a home in the United States was about $354,000. Interesting to see this, because the average annual wage in the United States is about $51,000.00. You can do the math on this. Someone making $51,000 a year cannot afford the average price of a home.
Redfin put out some very interesting statistics on this which I’m putting below and if you want to see the whole article, click here: https://www.redfin.com/news/housing-market-update-record-high-monthly-mortgage/?utm_source=Iterable&utm_medium=email&utm_campaign=1033388
Key housing market takeaways for 400+ U.S. metro areas:
Unless otherwise noted, the data in this report covers the four-week period ending February 6. Redfin’s housing market data goes back through 2012.
Data based on homes listed and/or sold during the period:
The median home sale price was up 14% year over year to $353,750.
The median asking price of newly listed homes increased 15% year over year to an all-time high of $376,000.
The monthly mortgage payment on the median asking price was up 25% from a year earlier to an all-time high of $1,931. This was up 28% from the same period in 2020.
Pending home sales were down 0.5% year over year, but sales were up 40% from the same period in 2020, just prior to the start of the pandemic.
New listings of homes for sale were down 10% from a year earlier. Compared to January 2020, new listings were down 12%.
Active listings (the number of homes listed for sale at any point during the period) fell 29% year over year, dropping to an all-time low of 440,000. Listings were down 50% from the same period in 2020.
55% of homes that went under contract had an accepted offer within the first two weeks on the market, above the 49% rate of a year earlier and 41% in 2020. This is the highest the measure has ever been in January, and the highest level since March.
43% of homes that went under contract had an accepted offer within one week of hitting the market, up from 37% during the same period a year earlier and 29% in 2020. This measure is at a record high.
Homes that sold were on the market for a median of 29 days, down from 38 days a year earlier and 59 days in 2020.
41% of homes sold above list price, up from 32% a year earlier and 19% in 2020.
On average, 2.8% of homes for sale each week had a price drop, up 0.3 percentage points from the same time in 2021, but down 0.6 percentage points from 2020.
The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, was 100.2%. In other words, the average home sold for 0.2% above its asking price.
