Homebuyer demand has crashed to its lowest level in almost a year as mortgage applications hover near a 3-decade low

• The unaffordable housing market is keeping prospective buyers on the sidelines.
• Mortgage-purchase applications are hovering near their lowest mark in 30 years
• Redfin's Homebuyer Demand Index dropped to its lowest level in nearly a year, down 5% since last October.

The unaffordable housing market has weighed on homebuyer demand across the US, according to a Thursday Redfin report.

Many house hunters and current owners have stayed sidelined with mortgage rates near two-decade highs and the median monthly mortgage payment approaching $3,000.