The Federal Reserve is increasing its short-term interest rates yet again, and that will likely amount to even higher borrowing costs for buyers already strained by historic home prices and rampant inflation
Home prices reached unsustainable highs in the nation's most popular metros throughout the pandemic, but a major market correction is leading to substantial declines in cities like San Francisco
Prospective buyers are more actively searching for homes in Q3 2022, but as rising interest rates limit affordable options, many are having a hard time finding what they want
But the National Association of Home Builders attributes these affordability shifts to changes in the composition of prospective buyers rather than increase in overall affordability
Homebuyer activity is slowing nationwide amid surging mortgage rates and home prices, and as a result, pending home sales are seeing their sharpest decline since 2015
Homebuyers are dishing out more of their savings for down payments in these popular metros, though higher upfront costs mean more money saved long-term
A market correction could cause home price growth to plateau in the months ahead, especially if more prospective buyers delay their home purchasing plans
