Home Affordability Remains Slightly Out of Reach for U.S. Borrowers

The housing market is experiencing some reprieve as the housing supply increases, with existing home sales increasing 0.8% in May. However, high prices and high interest rates – which hover above 6.5 percent – dissuade buyers from moving forward. The pressure in the housing market has caused 25 percent of homes listed on Zillow to receive a price cut. As bargaining power shifts to buyers, many still are waiting for the market to improve and rates to drop before making a purchase.

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