By the Numbers

With rising mortgage rates and housing prices that surged during the pandemic, cities that attracted out-of-town buyers are now seeing sharp slowdowns.

Competition among buyers has been on a steady decline since the beginning of 2022, and has now dropped to the lowest rate since the beginning of the pandemic.

With interest rates pushing up mortgage payments, buyers are looking for more affordable housing options — and will relocate to find them.

The housing slowdown, while offering modest relief for buyers, is being offset by high interest rates that are keeping prospective sellers out of the market.

CoreLogic predicts prices will continue to increase year-over-year, but growth will slow considerably in the coming months.