Reflecting on 2023, Looking Forward to 2024: Mortgage & Housing Market Review
With a combination of inflation, rising home prices, higher mortgage rates compared to recent years, and a short supply of housing, 2023 was tough on the housing market. In addition to rising costs, wages didn’t increase nearly as fast as homebuying costs, with the average American spending 41.4 percent of their annual income on an average-priced home according to Redfin.