(AURN News) – For millions of Americans, owning a home remains an elusive dream as soaring mortgage rates and prices stretch affordability to the breaking point, new data shows. The average daily mortgage rate surpassed 7.4%, according to real estate brokerage Redfin, piling on fresh misery for would-be homebuyers already grappling with record-high property values.
The latest inflation report and the Federal Reserve’s decision to pause interest rate hikes appeared to do little to ease the financial burden on those looking to purchase a home, according to Redfin. Their analysis also found the average sale price for a home across the United States rose 5% to $380,250 – just $3,095 shy of the all-time peak of $383,345 set in June 2022.
The mounting affordability crisis is reflected in dwindling homebuyer demand. Google searches for the term “home for sale” plunged 17%, Redfin reported. The sidelining of buyers risks setting off a troubling cycle. With the Federal Reserve remaining hawkish on inflation, the path for buyers to find relief grows ever narrower.
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