In January, US housing market values dropped by about 2% as high mortgage rates kept buyers hesitant. The 30-year fixed mortgage rate surpassed 7%, contributing to the affordability crisis that makes it challenging for the average buyer to acquire homes. Despite a notable increase in housing inventory, many potential homebuyers remain sidelined, waiting for more favorable lending rates. However, some cities still see considerable buyer interest, with Realtor.com releasing a list of 31 active markets that draw attention even in difficult conditions.
Buyers are really facing a double-whammy on affordability at this point...the typical buyer cannot afford the typical home.
Slightly cheaper property prices may help some buyers get their feet in the doors of new houses.
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