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The housing market is showing signs of cooling in certain areas after hitting all-time highs throughout 2022, but new data shows housing affordability remains a widespread issue for Americans. got it.
according to Atlanta Fed House Price MonitorHousing affordability is worse today than it was more than a decade ago during the 2008 housing bubble. This is the highest since August 2006 when it was 41.1%. The data also show that affordability has dropped 24% year-over-year.
RELATED: Mortgage rates were almost 3x higher in the 80s, but it’s still hard to buy a home
The sharp drop in home prices can be attributed to rising home prices and higher mortgage rates. During the 2021-2022 pandemic, home prices hit record highs across the country as the housing market boomed.
Over the past year, demand finally started to slow as prices began to crowd out millions of potential buyers and the Fed hiked interest rates. Still, despite falling home prices, housing affordability is at an all-time low, and data show that total home values ​​in America are still up 6.5% from the same period last year, according to data.Mortgage interest rates are high, but they aren’t expensive Since it peaked at 7.08% in November 2022, a slight drop will lead to a slight uptick in homebuyers in early 2023, showing how competitive the housing market is still.
RELATED: Falling Mortgage Rates Increase Interest among Home Buyers
Those looking to buy a home may be wise to wait a few more months.
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