This year is set to be the real estate market’s slowest year since the Great Recession as buyers grapple with high prices, high mortgage rates and high economic anxiety, according to a report Thursday from Redfin.
“Buyers have been in a bind all year,” said Chen Zhao, Redfin’s economic research lead. “High mortgage rates and still-high prices are making it harder than ever to afford a home, shutting many young people out of homeownership and causing homeowners to reevaluate whether 2023 is the right time to move.”
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