Challenges in the Homebuying Market
According to NBC's new homebuyer index, it has been harder to buy a home than any other period in the last decade, with the average home almost $70,000 more than the average household can afford. Experts predict the housing market will remain challenging for buyers with mortgage rates likely staying close to 7% through the end of the year.
Key Points
- Homebuying has become increasingly difficult since 2022
- Average home prices are up 6%
- Mortgage rates have climbed around 7%
- Available inventory is tight but improving
- Forecast predicts mortgage rates to remain around 7% through the year