Buyers are pulling back. Home prices have been rising too much relative to income for many would-be buyers to keep pace. Since 2011, the U.S. median home price has risen 55 percent while wages are up only 18 percent. Now, the Federal Reserve has become more aggressive against inflation; with several short-term interest rate increases over the past year and more likely on the horizon, mortgage rates are trending up. A monthly mortgage payment on a typical home today is $1,136, up from $639 in 2011.
Full Article here: The Makings of a Buyer’s Market
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