Today’s home shoppers are learning a tough lesson: Even if you want to buy a home, you cannot always afford to do so.
Pending home sales dropped 13% nationwide year-over-year for the four weeks that ended on Sept. 17, according to a new report from real estate brokerage firm Redfin.
Mortgage rates that haven’t been this elevated in two decades and climbing property prices mean today’s housing payments are at an all-time high. That has left many buyers effectively shut out of the market, Redfin says.
To make matters worse, the number of homes for sale also has fallen 16% year-over-year. That means there are fewer homes to choose from, making it even more difficult to find an affordable property.
Some markets are slowing down more than others, including the following places where home sales are truly plunging.
5. Sacramento, California
This metro area’s year-over-year change in home sales: 21.7% decrease as of mid-September
If you can find a home for sale, Sacramento remains a nice place to live. In fact, it is among “7 of the Best Places for Retiring in California.”
4. San Diego
This metro area’s year-over-year change in home sales: 23.2% decrease as of mid-September
San Diego is one of the “5 Places Where Home Prices Won’t Stop Climbing,” making an already expensive market even more unaffordable.
This metro area’s year-over-year change in home sales: 24.4% decrease as of mid-September
If you cannot find a home in Atlanta, perhaps you just need to be patient. The metro area is among the “15 Cities Building the Most Homes.”
2. San Antonio
This metro area’s year-over-year change in home sales: 24.7% decrease as of mid-September
Relief may be coming to beleaguered home shoppers in Texas: As we have reported, San Antonio is one of just six major housing markets where prices are falling.
This metro area’s year-over-year change in home sales: 25.8% decrease as of mid-September
Not only is housing expensive in Seattle, but the metro also is among the “10 Cities With the Most Expensive Commute.”
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