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Housing Market Predictions For 2023: When Will Home Prices Be Affordable Again?

As temperatures begin to cool, the housing market continues to fizzle, with blisteringly high mortgage rates and scorching home prices becoming too hot to handle for many would-be home buyers. The national average 30-year fixed mortgage rate blasted through 7% in mid-August, reaching a 2023 high of 7.23%. As of September 14, the average 30-year fixed mortgage rate stands at 7.18%, according to Freddie Mac. Meanwhile, year-over-year existing monthly home sales sagged in July for the second consecutive month, slipping by 2.2% to a six-month low, with all four major U.S. regions posting year-over-year sales declines, according to the National Association of Realtors (NAR).

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