Being that, as compared to this time last year, home prices are up 14% and the average monthly payment has been driven up 50% by mortgage rates, affordability remains a great concern for those seeking to move.
According to Realtor.com, there are signs that the housing market is slowing. Sales of new homes fell in April for the fourth month in a row to the lowest level since the pandemic owing to high prices and soaring mortgage rates. Mortgage rates jumped from just 2.75% in the fall for a 30-year fixed to more than 5.25% in mid-May. Low mortgage rates had made it easier for buyers to purchase a home despite record prices.