The median U.S. monthly housing payment fell to nearly the lowest level in two years, but it could have fallen even more if not for still-rising sale prices, according to a recent Redfin report.
The monthly housing payment fell to $2,413 during the four weeks ending Jan. 11. However, the national median home-sale price still climbed, up 1% year over year. That's down significantly from the 4% to 5% increase at the start of 2025, according to the brokerage's Thursday report.
In certain areas, however, prices rose at a much faster clip. For instance, in Cincinnati, Ohio, the median home-sale price climbed 8.4% year over year – more than eight times the national increase.
MORTGAGE RATES FALL TO LOWEST LEVEL SINCE 2022
Detroit and Philadelphia weren't far behind, with the median home-sale price rising 6.5% and 5.8% year over year, respectively.
The metros that saw the biggest declines were mainly in the South and on the West Coast. For instance, the top declines were Dallas and San Jose, California, which saw median home-sale prices dip 4.4% and 3.7% year over year, respectively.
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About 15 metros overall saw their median home-sale price decline in the four weeks ending on Jan. 11.
While fewer people are buying and selling homes, with pending home sales falling 5% year over year, and new listings declining 4.7%, Redfin economists projected that there may be an improvement in pending sales soon due to the latest decline in mortgage rates.
The average rate on the 30-year fixed mortgage fell to 6.06%, the lowest since September 2022, Freddie Mac reported on Thursday.
Detroit, Michigan – 6.5%
Philadelphia, Pennsylvania – 5.8%
Chicago, Illinois – 5.6%
Warren, Michigan – 5.6%
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Dallas, Texas – -4.4%
San Jose, California – -3.7%
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Jacksonville, Florida – -2.7%
Oakland, California – -2.4%
Portland, Oregon – -1.8%