Part 4/10:
High Mortgage Rates: Persistent high mortgage rates are discouraging some prospective buyers, reducing demand.
Pricey Markets: Certain areas, particularly major metro markets like Miami, Denver, and Houston, have experienced significant price gains in recent years. Once the market cools, these regions are seeing more homeowners pulling their homes, anticipating lower offers.
Interestingly, in response, more buyers are shifting their attention to "refuge markets," smaller or more affordable cities like Grand Rapids, St. Louis, Cleveland, Milwaukee, and Pittsburgh. These markets have seen surges in demand and higher price gains as buyers seek affordability and stability outside overheated hubs.