Stiff competition and lower mortgage rates prompted prospective buyers to up the ante on down payments to win offers

Faced with stiff competition in the U.S. housing market over the last year, home buyers upped their down payment to reach a record of $66,000 in May, according to a new report.

Down payments peaked in May, hitting a nine-year high, where the typical down payment was 18% of a home’s purchase price, a report from real-estate brokerage Redfin found.

In May and June, the typical buyer was putting down $66,000, Redfin said

But that number has cooled slightly since. Redfin also said that the typical U.S. homebuyer who took out a mortgage in July 2022, made a $62,500 down payment.

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