The cost of buying a home has hit an all-time high

Credit: Vicki

It is more expensive than ever to buy a home in the U.S., according to a new report from the real estate company Redfin.

The median home price hit a record $383,725 during the four-week period ending April 21. That’s up 5.2 percent from a year ago, Redfin found, one of the largest leaps in home prices since October 2022.

The average 30-year fixed mortgage rate hit 7.1 percent this week, the highest it’s been since November 2023. Mortgage rates dipped briefly at the end of last year after the Federal Reserve signaled it would cut interest rates this year, but they have steadily climbed as strong economic data has extended the timeline for those initial rate cuts.

The median monthly housing payment also jumped to a record $2,843, up 13 percent from the same period last year.