This year's real estate market has disappointed many homebuyers. Already at record highs, home prices and mortgage rates have continued to grow.
The property market is declining as recession fears grow. New house sales are down and development has slowed. Existing-home sales are below 2019 levels.
Mortgage rates skyrocketed in the first half of the year, surprising homebuyers. Freddie Mac reports that 30-year fixed mortgage rates climbed from 3.22 percent in January to 5.81 percent in June