High mortgage rates have drastically affected the housing market, causing home sales to slow down significantly as monthly payments have surged beyond affordability for many buyers.
Even though sales of previously occupied homes have hit a 14-year low, home prices are still increasing. The national median sales price rose 3% year-over-year, highlighting the demand despite limited supply.
Homeowners who locked in low interest rates are hesitant to sell, as moving would result in much higher monthly payments, forgoing potential equity access.
The high cost of new mortgages is forcing potential buyers to delay home purchases, with many now turning to renting, which has led to an increase in renters.
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