Monthly payments at the current average rate of 5.78% soar 51% in the U.S. from the same time last year, according to Zillow.
Mortgage payments on a typical home are $4,857 a month. That’s up 58.2%, compared with May 2021The share of listings with a price cut is 10.6%, compared with 4.7% in AprilHousing in Los Angeles MetroMortgage payments on a typical home are $4,870 a month. That’s up 51.6%, compared with May 2021.Here's Why It's Nearly Impossible to Buy a Home in San Diego
Zillow added that mortgage payments now are higher than rent in 45 of the 50 largest U.S. metros, a sharp reversal from as recently as 2019. Also, demand for homes has pulled back in response to the latest market shift, easing price growth, slowing sales, boosting inventory and raising the share of listings with a price cut, Zillow reported.
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