Prices have increased at a rate that cannot be justified by economic fundamentals.
o The current rate of home price growth is unsustainable. Double-digit price increases cannot go on forever. Some buyers have stepped back from the house hunt as mortgage payments now exceed their budgets.
o Fewer people are starting online home searches.
o Fewer people are applying for mortgages as compared to this time last year.
o Interest rates are on the rise. As mortgage rates shoot up at the fastest pace in history, the typical home buyer's mortgage payment is now $500 more per month than it would have been if they'd purchased a home in January.
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