After mortgage rates hit record lows during the pandemic, driving up demand for new homes and pushing up listing prices, the housing market is now slowing down.
That’s good news for buyers who can afford to stay in the market. But many prospective buyers are being priced out as high mortgage rates and steep prices make it unaffordable for some to purchase a new home. At the same time, new home construction has decreased as builders become warier of falling demand — and rent prices have continued to increase.
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