The article explores significant transformations in the housing market over the last five years, highlighting the surge in home prices and rising mortgage rates. The median U.S. home price climbed 45%, while inventory shrank as those with low mortgage rates hesitated to sell. Despite high prices and soaring rates, some buyers attempt to enter the market amid decreased competition. Experts express concerns about the ongoing housing shortfall and predict record-low sales for 2024, further complicating the landscape for potential homebuyers.
"It's very sad to be priced out of our communities," says Kylie Carpenter, a Seattle teacher who tells Axios it feels almost impossible to buy a house nearby.
"My wife and I will just buy less of a home with 20% down and work responsibly with the expensive housing payment." says aspiring homebuyer Jake Turner.
"This is my forever home," says Ben Kolb, one of many homeowners who refinanced when rates dropped.
Ultimately, a stubborn housing shortfall is keeping prices high, even as buyers have retreated, with 2024 sales hitting a nearly 30-year low.
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