Will Homes Get More Affordable, Or Not? There’s Reason To Think Both

Home prices reached a record high, with the S&P CoreLogic Case-Shiller Home Price Index showing a 5.9% increase over the past year. The market is experiencing conflicting dynamics, as high mortgage rates have discouraged homeowners from selling, creating a "lock-in" effect. However, inventory is rising, suggesting a potential shift towards a buyer's market. While lower mortgage rates could attract more buyers and drive prices up, some experts predict slower price growth, improving housing affordability in the near future.