Why Aren't Home Prices Crashing?
Mortgage rates increased drastically last year, impacting many individuals & rsquo; s ability to buy a home. And after a number of years of quick price appreciation, home prices finally peaked last summer. Even though we & rsquo; re no longer seeing the buyer frenzy that drove home values up throughout the pandemic, rates have been relatively flat at the nationwide level. Home mortgage rates rose drastically last year, impacting lots of people & rsquo; s ability to purchase a house. And after a number of years of rapid rate appreciation, home prices finally peaked last summer. Even though we & rsquo; re no longer seeing the buyer craze that drove house values up throughout the pandemic, rates have been relatively flat at the national level. & rdquo; You may think sellers would have to lower costs to attract purchasers in todayâ& rsquo; s market, and that & rsquo; s part of why some might have been waiting for costs to come crashing down. Will some markets see a price decline?
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