US home prices hit new all-time high, deepening affordability strains
US home prices reached a new record high this summer, deepening the affordability squeeze facing buyers. Elevated prices and mortgage rates are keeping many households out of the market. Analysts say a persistent shortage of listings is holding prices up.
Home prices in the US climbed to an all-time high this summer, according to newly released data. The elevated prices are making affordability especially difficult for first-time buyers.
Mortgage rates remaining high are making monthly payments unmanageable for many households. At the same time, a limited supply of homes for sale is keeping prices elevated against steady demand.
Analysts expect prices could stay high unless the imbalance between supply and demand is addressed. The picture is adding to the number of renters postponing their hopes of homeownership.
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