After years of a hot housing market, rising interest rates and record prices are having a chilling effect. See what it's like in your area:
does not necessarily mean lower home prices — just that they are rising more slowly. The median price per square foot in August was still 9 percent higher than a year ago. But the price growth has slowed: In February prices were 18 percent higher than the year prior.
Just as certain parts of the country saw an explosion of house-hunting interest, triggering intense bidding wars and a shocking run up in prices during the pandemic, many of those same regions are now experiencing a comedown. And the cool-down is not geographically uniform. “The regional housing markets that got the most overheated have the most to cool off,” said Eric Finnigan, director at John Burns Real Estate Consulting.Ali Wolf, chief economist at Zonda, said markets that offered an escape and change of scenery during the early pandemic period were a magnet to new residents from around the country. Cities
in the Southeast, Southwest, Mountain West, and suburban California were considered pandemic “winners” because of the massive influx of demand. But as interest rates continued to rise, buyers found themselves priced out of the market, Wolf said. The home payment to income ratio — a personal finance metric to gauge what a buyer can afford — reached record levels in many of these markets. And people that had relocated now lack the confidence or enthusiasm to move forward with a home purchase.“The markets that grew the most and the quickest were also the markets that became victims of their own success in 2022,” Wolf
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