Homebuyer budget growth has slowed 'significantly' which is a sign that home-price growth will continue to slow in the coming months.
With high rates, more of a buyer's budget will be allocated toward interest payments. Last week, theA"For Sale" sign stands in front of a home that is in the process of being sold in Monroe, Wash., outside of Seattle.MORTGAGE RATES JUMP, REACHING 5.23%In April 2021, budgets hit peak growth at a rate of 12.2%. That was three months before home-sale prices hit their peak growth of 22.6% in July 2021.
It takes longer for sellers to adjust to the cooling market, but the data shows that they are starting to react. In the last four weeks, 21% of sellers already dropped their asking price, which is up from 10% a year ago, according to Redfin.
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