Home Prices Drop, But Average Payments Hit Record High
TL;DR Summary
Home affordability is determined by a combination of mortgage rates, home prices, and wages. While mortgage rates have been hovering between 6% and 7% for nearly eight months, home prices have appreciated rapidly over the past few years, but today's higher mortgage rates have slowed down price appreciation. Rising income is the most positive factor in affordability right now. Homebuyers should connect with a trusted real estate professional to stay up to date on the latest factors impacting affordability in their local market.
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