Housing Market Hits a Troubling Milestone

As mortgage rates hit two-decade highs in October and for a significant part of November, home affordability remained at its lowest level in more than 10 years, according to the the National Association of Home Builders (NAHB).

Interest on a home loan hovered at or around 8 percent in the fall of 2023 but property prices remained high. This meant that for households earning a median income of a little over $96,000, many homes were priced beyond their reach.

The NAHB pointed out that about 38 percent of homes sold...