The housing market continues to be bleak, according to a new report from forecasting and quantitative analysis firm Oxford Economics.
Home prices have soared in every major metro area in the U.S. over the last five years and mortgage rates nearly doubled. This has led to housing affordability dropping “significantly” with only one-third of households in the U.S. earning enough to buy a house last quarter, according to the report.
Meanwhile, in June, home prices were 47% higher than listed in early 2020, per CNBC.
Related: You Have One Month Left to Buy a House, According to Barbara Corcoran. Here’s Why.
To afford a new, single-family home in the U.S. (including paying both
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