Housing crisis: Affordability Hits All-Time Low as House Prices Climb

Despite the housing market slowing down, that doesn’t mean that homes are becoming anymore affordable. Even with the high demand, prices are only increasing.

According to Business Insider, home prices hit a new all-time high in April. During the month, they grew by 20.9% from 2021 – marking the 123rd consecutive month of price gains. The increase is attributed to mortgage rate hikes, which researchers say drove buyer urgency.

“The record growth in home prices is a result of a scarcity of for-sale inventory coupled with eager buyers who want to purchase before mortgage rates go higher,” Patric Dodd, president and CEO at CoreLogic, told Insider.

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