Report: Rising prices and mortgage rates are pushing monthly payments to an all-time high

Rising home prices and rising mortgage rates continue to hamper affordability, a new report says, pushing monthly payments for potential buyers to an all-time high.

Home prices posted their biggest increase since December in the four-week period ending July 19, rising 2.1 percent, the report From the real estate brokerage showed Redfin.

The second consecutive price jump in the past five months has brought the typical home sale price up to $382,500.

Rising prices, combined with stubborn mortgage rates nearing 7 percent, have pushed monthly payments for a typical home to a record high of $2,656.

Sales prices were up the most in Milwaukee, where in the four-week period ending June 16, their price was up 12.2 percent from a year ago.

Redfin data shows price drops at 20 tracked metro stations, including the epidemic era boom in the city of Austin, Texas, over the same period.

The recent price growth is largely due to the scarcity of the current stock available in the market. Data released Thursday by the National Association of Realtors (NAR) revealed that Existing Home Sales He fell again in June.

Existing home sales — completed transactions that include single-family homes, townhouses, condominiums and co-ops — fell 3.3 percent from May to a seasonally adjusted annual rate of 4.16 million.

“There simply aren’t enough homes to sell,” Chief Economist Lawrence Yoon said in a statement. “The market can easily absorb double the inventory.”

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According to the data, the total housing stock at the end of June was 1.08 million units.

The NAR data also showed that median home prices are holding up and are once again nearing their pandemic-era peak.

“Home sales have fallen, but home prices have stabilized in most parts of the country,” Yoon said. The national median home price in June was just below a record high of $414,000 in June last year. Limited supply continues to lead to multi-bid situations, with one-third of homes selling above list price in the most recent month.”