The housing market has become increasingly frustrating for buyers due to significant price hikes, with median home prices rising 49% in five years compared to only 23% inflation. Mortgage rates have also surged, complicating affordability further. Despite these challenges, new listings have risen by 4.2%, and average homes are selling for slightly less than listing prices, suggesting a cooling market. Nevertheless, many potential buyers, especially those earning over $100,000, struggle with down payment costs, indicating ongoing hurdles in achieving home ownership.
Real estate has frustrated would-be buyers since it exploded during the pandemic.
Five years ago, the median price for an existing home was $266,300... today, it is $396,900, a 49 percent increase.
New listings are up 4.2% year over year to their highest level for any comparable time period in three years.
78% of aspiring homeowners earning $100,000 or more annually say the expenses from down payments and closing costs are a significant obstacle.
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