WFC - Monthly Mortgage Payments Just Hit All-Time High — And Prices Jumped The Most In 10 Months | Benzinga
The siren song of homeownership has hit a sour note for many prospective buyers.
The nationwide median home-sale price has surged to an eye-watering $380,000, according to a Thursday Redfin Corp (NASDAQ:RDFN) report, reflecting a 5% year-over-year increase — the most substantial uptick in almost a year.
The rising tide of home prices, propelled by a severe lack of inventory, swelled the typical monthly mortgage payment to an all-time high of $2,649, Redfin said.
Here’s a look into the data and its implications for the housing market and key players like Rocket Companies Inc (NYSE:RKT), Lennar Corp (NYSE:LEN) and Wells Fargo & Co (NYSE:WFC).
The Redfin Data: A severe inventory shortage is driving the price surge, Redfin ...