Mortgage rates jump to 23-year high, adding more pain for homebuyers“Despite waning demand, many markets, especially affordable markets, saw demand outstrip supply, leading to surprisingly competitive conditions,” says Hannah Jones, economics data analyst at Realtor.com, in her analysis. “The country’s hottest markets suffered this fate.”
As a result, he says, “Supply is not able to keep pace with demand. Supply is so low that every type of buyer imaginable is looking to purchase.” Yet even though Rochester prices have shot up 11.1% since last year, that number has remained below the national median since 2016, when Realtor.com started collecting this data. In other words, this city isn’t about to become unaffordable anytime soon.In fact, seven of August’s 20 hottest markets lie within commuting distance to Boston and offer cheaper alternatives to living in Beantown, where home prices hover at $844,000.