Homebuyers hoping for better deals as prices drop are getting slammed as average payments just hit a record high
Housing affordability is as awful as ever due to the high rates and the lack of homes for sale.
US home prices just posted the biggest annual decline in more than a decade, but that's not making homeownership any more affordable. Indeed, a report from Redfin shows that the median home-sale price fell 2.6% year-over-year during the four weeks ending April 16 — the biggest decline in over ten years and a possible break for Americans discouraged by the cost of housing. However, there's no such luck: as home prices retreated, the typical US homebuyer's monthly mortgage payment soared to $2,538, a new all-time high.
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