Home prices are at the crux of the housing affordability crisis in the U.S.
The mortgage rate decline it would take to make an average home affordable is ‘unrealistic,’ Zillow says
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Builders also continue to offer mortgage-rate buydowns and other incentives to make new builds attractive to buyers.
A lower rate should be “enough of an incentive” for some homeowners to sell their homes and trade up, opening up inventory.
Current mortgage rates are still near 7%.
More than 75% of U.S. homes on the market are unaffordable for the typical household, according to a Bankrate analysis.
“We see the housing market remaining relatively stuck without major progress being made on affordability,” home construction CEO…
Home buyers need to make six figures to afford a median-priced home in the U.S.
