In the years since the onset of the pandemic, the cost of American housing has risen to its highest level ever relative to incomes, significantly exceeding even the peak of affordability concerns during the previous U.S. housing bubble.
As a result of higher prices and significantly higher interest rates than previously, housing turnover has dropped dramatically.
In the first 9 months of the year, just 2.7% of U.S. homes were transacted upon, the lowest level in decades.
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