SALT LAKE CITY — With mortgage rates hitting their highest level in over 20 years, along with stubbornly sticky prices, U.S. housing market affordability is even lower than at the peak of the housing bubble in 2006.Home Ownership Affordability Monitor
Compare that score to a score of 112.3 in November 2012, when the median home price was $197,333, median income was $52,161, and the interest rate was 3.4%. Sturtevant said she doesn't expect "major price corrections since supply is still at historically low levels and overall economic conditions remain healthy," but she does see risk in pandemic hot spot areas like Austin and Boise, where house prices have seen more dramatic price corrections amid spiked interest rates.
That's because the U.S. as a whole — and especially rapidly growing areas like Utah — faces a yearslong housing shortage. Before the 2008 crash, the nation had a surplus of homes for sale, driven in part by synthetic demand fueled by risky lending practices that led to a. Today, experts say the market is not fraught with the same risky lending practices, and housing demand is real due to population growth and household formation.
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