High Mortgage Rates and Prices Continue to Deter Homebuyers, Leading to Plunging Home Sales
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Mortgage rates are hovering around 8%, the highest in over 20 years, keeping potential homebuyers away.
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Median home prices are up 35% since 2019 to around $431,000, making affordability a major challenge.
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Inventory levels are at 40-year lows as sellers avoid giving up lower rates they locked in previously.
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Home sales have plunged with pending sales falling out of contract at the fastest pace in a year.
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The market now favors buyers who have more leverage amid low sales activity.