Record-High Home Prices and Rising Rates Make Buying a Home Difficult for Many Prospective Buyers

Homebuyers like Tracy Jolson-Halperin feel priced out as home values hit record highs while mortgage rates also rise.

Jolson-Halperin has had to expand her search area, increase her budget, and lower expectations to try to find a home.

Low supply is keeping home prices high, as few want to sell when rates are high even though home values are at record highs.

Experts say the limited supply will likely keep prices high or stable, rather than cause them to decrease significantly.

The supply of homes needs to double to moderate recent price gains, but that is unlikely to happen anytime soon with high mortgage rates.