The record-fast growth cooled off around when mortgage rates began to rise in 2022 and affordability became stretched. There is now a more balanced market between buyers and sellers.
Today’s sellers who bought recently are less likely to come out ahead compared with those who bought before the pandemic, according to a Redfin analysis.
A growing subset of homeowners is underwater, particularly if they bought after prices had already risen. In April, the number of such homeowner surpassed half a million, the highest April reading in five years, said Andy Walden, head of mortgage and housing market research at Intercontinental Exchange
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Story by (MSN) Veronica Dagher, Elizaveta Galkina, Stephanie Stamm