The housing market has never been this expensive

• The median monthly mortgage payment hit an all-time high of $2,632 in the four weeks up to September 10, Redfin said.
• Mortgage rates are hovering near two-decade highs, above 7%.
• Home prices, meanwhile, are up 4% compared to one year ago.

The housing market has never before been this expensive. 

A new Redfin report showed the median monthly mortgage payment hit an all-time high of $2,632 in the four weeks to September 10. That's up 14% compared to one year ago.