Posted 12/7/2023, 3:44:27 PM
Home Buyers Face Mounting Affordability Challenges Amid High Prices, Rising Rates
- Record 85% of Americans think it's a bad time to buy a home due to high prices, rising rates, and slowing economic growth
- Mortgage rates dropped in November but remain expensive; home prices continue reaching new highs
- Only 41% expect home prices to keep rising in the next year, while 24% expect declines
- Home affordability is at a 30-year low as prices and rates outpace income growth
- Experts forecast mortgage rates declining in 2023 but tight inventory will continue challenging buyers