An affordability crisis has forced many would-be homebuyers out of the U.S. housing market, as steep mortgage rates and limited supply continue to push prices higher.But buyers may find relief in certain parts of the country, where growing inventory has led to a drop in prices, according to a new report published by Realtor.com.
Researchers have blamed skyrocketing insurance prices on several issues, including weather disasters, rising re-insurance rates and steep home repairs as inflation pushes the cost of building materials higher."For homebuyers looking for comfort, Southern markets offer up much-needed hospitality," said Ralph McLaughlin, Realtor.com economist. "Inventory – especially of entry-level homes – is growing, they are moving slower and listing prices are actually down compared to last year.