‘The U.S. housing market is crumbling under the weight of higher mortgage rates and rock-bottom affordability’: Prices fell the most in these U.S. states
Americans are finding it hard to afford homes at mortgage levels now beyond 7%, according to some measures. Home prices have begun to reflect that.
As mortgage rates rose in the last quarter of 2022, Americans found the cost of homeownership increasingly challenging, adding hundreds of dollars in interest to their potential monthly mortgage payment. Yet home prices held steady, given how few homes were on the market.
But months of high mortgage rates and a drop in home sales are finally impacting home prices. Single-family home prices slid 1%...