After a stunning rise in home prices enriched sellers and keyed up buyers into frantic bidding wars, there are signs that the market is starting to cool amid a surge of new inventory and higher interest rates.
The slowdown has, so far, provided little relief to buyers. Instead a growing affordability crisis ― driven by the collision of inflation and rising interest rates ― is forcing many would-be buyers to walk away.
And some sellers, mindful of the stratospheric gains of 2020 and 2021, which brought the average home price up more than 40 percent, are reluctant to lower their expectations.
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