"These are markets where a lot of homes right now are just out of reach for the median earner," says Realtor.com senior economist Joel Berner. "In these top markets, there is a concentration of homes that are right on the cusp of affordability."
The biggest winner would be Lakeland, FL, where the share of affordable listings would increase by 5.9 percentage points, to 52.9%, if rates dropped to 6.3% from their July average of 6.8%. That compares with a 3.2-point increase in affordability nationwide.
Mortgage rates, which averaged 6.46% for the week ending Aug. 22, are expected to ease down in the coming months as the Federal Reserve begins a cycle of cuts to its benchmark interest rate.
New Haven, CT, squeaks onto the list at No. 10, after achieving the same ranking on our separate, recent list of the top metro areas where lower rates could "unlock" the most seller activity.
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