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Elevated mortgage rates and home prices have brought the market to a near crawl, according to Redfin’s latest market report.

The typical for-sale listing took 54 days to go under contract during the four weeks ending on Jan. 26 — the longest days on market average since March 2020. Slowing market activity and pending home sales (-9.4 percent year-over-year) also pushed inventory levels up, with the months of supply reaching a six-year high of 5.2 months.

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“Sales are slow because it’s very expensive to buy a home, with mortgage rates sitting near 7 percent and home prices up 4.8 percent year over year,” the report read. “The median monthly housing payment is $2,753, just shy of April’s record high. Additionally, extreme weather — including snow and frigid cold in the Midwest, South and Northeast and wildfires in Southern California — are keeping would-be buyers at home.”

Median home price growth was highest across the Northeast and Midwest, with Pittsburgh (19.3 percent), Milwaukee (16.7 percent) Fort Lauderdale, Florida (14.2 percent), Newark, New Jersey (13.4 percent), and Cincinnati (11.7 percent) posting double-digit gains in January. Meanwhile, pending home sales only increased in Portland, Oregon (9.7 percent), and Milwaukee (2.6 percent), with the other 48 largest markets in the U.S. posting annual declines.

Jordan Hammond | Credit: Redfin

Despite January’s slow start, Redfin Premier agent Jordan Hammond said the coming months might spark more activity as homebuyers get tired of waiting for lower rates and home prices to make a move.

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