Pending home sales fell for the fifth week in a row, and new listings declined, too. 

The median U.S. monthly housing payment hit $2,647 during the four weeks ending June 14, its highest level in a year and just about $100 shy of 2023’s all-time high.

Housing payments are rising because both home-sale prices and mortgage rates remain stubbornly high. The median sale price rose 2.3% year over year to a record high of $403,889, and the weekly average mortgage rate is 6.52%, near its highest level in 10 months. The average daily rate dropped to 6.54% on Wednesday from 6.75% a month earlier in the wake of the newly announced peace deal with Iran.