SEATTLE–(Business Wire)– (NASDAQ: RDFN) – This new median down payment to possess U.S. homebuyers try $55,640 inside February, based on a different sort of declaration from Redfin (redfin), the technology-powered home brokerage. That is up 24.1% out-of $forty-two,850 per year prior to-the most significant annual upsurge in payment terminology as .

The average homebuyer’s advance payment last month are comparable to 15% of your own price, up of ten% per year before.

This is certainly considering good Redfin investigation away from county facts all over forty of the very populous U.S. cities the past as a result of 2011.

Homebuyers are doing whatever they can to get together a massive down payment so you can lower its monthly payments shifting, said Rachel Riva, an excellent Redfin real estate professional into the Miami. The smallest advance payment I’ve seen has just are twenty-five%. I experienced that customer whom lay out 40%.

Home prices rose six.6% seasons more than 12 months within the February, that is a portion of the reason down money increased; increased household speed however leads to a top deposit since down payment try a percentage of the property price. However, increased construction costs (regarding each other highest pricing and higher mortgage costs) are also incentivizing consumers to obtain large off repayments. [Read more…]