The housing market feels broken at the moment.
Prices skyrocketed 50% nationally over the course of the pandemic. Then mortgage rates went from sub-3% to more than 7.5% in a hurry as the Fed aggressively raised interest rates. And now supply is severely constrained because affordability is so poor and homeowners don’t want to give up their 3% mortgage. Housing affordability is as bad as it’s been in decades, and it’s hard to see what fixes things.
