ZCAN - Grim Home Affordability Finally Starting To Dent Buyer Demand
- Sales of new US homes plummeted last month to the slowest rate since April 2020 as buyer ability shrank under the weight of inflated home prices, higher rates, food and fuel.
- With national average home prices still an insane 50% higher than two years ago, Canada’s average five-year fixed-rate mortgage has risen 56% since January to 4.19% from about 2.69%.
- Given that home sales and prices are declining in many areas, higher rates look to be having a demand-suppressing impact already.
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Grim Home Affordability Finally Starting To Dent Buyer Demand