The Housing Market is as Competitive as Ever Despite 53% Rise in Mortgage Costs

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The housing market is as competitive as ever, according to the latest Zillow® Real Estate Market Report. Buyer demand has been strong enough to keep the market moving at a record pace, even after a massive spike in mortgage rates.

Year-over-year home value growth set a record for the 13th consecutive month in April. The typical U.S. home is worth $344,141, 20.9% higher than a year ago. That record pace of growth comes despite rising mortgage rates eating away at what home buyers can afford. The monthly mortgage payment on the typical U.S. home is 11.7% higher than it would have been in March, and 52.5% higher than a year ago, assuming a 30-year mortgage with a 20% down payment.

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