Housing Prices Are Now Becoming Too High Even For The Wealthy

The slowdown in home purchases is impacting the luxury market as well.

Since the beginning of 2022, 30-year fixed mortgage rates have surged from slightly over 3% to well over 5% — causing a drop in demand for new purchase loans and refinancing services. Sales of new single-family homes in April fell to 591,000 — falling far short of the 750,000 expected by analysts, as well as 16.6% below home sales in March.