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Homebuying activity is falling off a cliff (On a yearly basis, pending transactions were down by 18.7%) (finance.yahoo.com)

submitted 1 year ago by Blaze@discuss.tchncs.de to c/personalfinance@lemmy.ml

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[–] vector_zero@lemmy.world 10 points 1 year ago

It's a few things, at least in my experience house hunting.

High prices
High interest rates
Limited availability due to people being locked into low-rate mortgages

Those three items, in combination, are a death sentence for anyone wanting to enter the market. Hell, my 800 sq ft condo is going for over 650k now, which is a great litmus test for how absurd prices are right now in my area.