SEATTLE — The typical homebuyer's monthly mortgage payment has increased $337 since mid-August, according to a Redfin report.

The real estate brokerage said the average monthly payment for U.S. homebuyers climbed to $2,547, causing many potential buyers to delay or cancel their purchase plans.

Pending sales also dropped to the lowest level since January, and the percentage of homes that sold above the listing price fell to the lowest level in two years, Redfin said.

With mortgage rates hovering around 7%, homeowners are growing less likely to enter the market.

In Seattle, the median sales price sits at $840,000, up 5% from last year, though down nearly $50,000 since May. The 901 homes sold is down 30.7% from a year ago.

“It’s imperative for home sellers to react quickly and aggressively as the market turns,” Redfin senior vice president of real estate operations Jason Aleem said in a press statement. “This means adjusting your pricing immediately if you want to be competitive and attract offers from a smaller pool of qualified homebuyers. If your home isn’t the ‘belle of the ball’ in your neighborhood, you’re going to need to cut the price to sell it.”