03:42 PM EDT, 06/16/2025 (MT Newswires) -- US homebuyers' down payments declined for the first time in nearly two years as the housing market has cooled, Redfin (RDFN) said Monday.

The typical homebuyer's down payment dropped 1% year over year to $62,468 in April, according to the real estate broker.

In percentage terms, the typical homebuyer put down 15% of the purchase price, compared with 15.1% last year, Redfin said.

"Down payments are falling in dollar terms even though overall home prices are rising slightly because not all homebuyers make a down payment; nearly one-third of buyers pay in all cash," the brokerage said in a report. "It's likely that the people buying homes with a mortgage bought cheaper homes, reducing down payments. That also explains why down payments stayed flat in percentage terms but declined in dollar terms."

Down payments as percentages of the purchase price were the lowest in Virginia Beach in Virginia, Detroit, and Jacksonville in Florida. The highest percentages were recorded in San Francisco, Anaheim and San Jose, all in California, Redfin said.

"Mortgaged homebuyers are likely purchasing cheaper homes because of affordability challenges: mortgage rates are near 7%, more than double pandemic-era lows, meaning people are ultra-sensitive to cost," the brokerage said. "Additionally, there's an air of economic uncertainty in the US; some house hunters taking out a mortgage may be seeking out cheaper homes so they have more money in their bank account for security."

Home sellers, who currently outnumber buyers, are being flexible with their offers, while some may be willing to accept lower down payments, Redfin said.

Price: 10.85, Change: +0.04, Percent Change: +0.42