The typical down payment made by U.S. homebuyers fell 1 percent year-over-year to $62,468 in April, the first annual decline in almost two years, real estate brokerage Redfin said in a June 16 statement.
“The last time dollar-amount down payments fell year over year was in summer 2023, when home-sale prices were falling. At that time, the decline in home prices was the main reason down payments were falling: when prices are lower, the percentage buyers put down is lower,” the company said.
“Now, home prices are rising; they increased 1.4 percent year-over-year in April. But home-price growth is slowing: for comparison, prices were up roughly 4 percent at this time in 2024. Slowing price growth is one contributor to lower down payments.”…