In one city, home prices are down more than 60%.
limited supply of homesFor instance, the typical home in Boise sold for $550,000 in May, 60% higher than two years ago, according to the report. Similarly, prices for the typical home in Sacramento increased 44% to $610,000.
"Consumer sentiment is also making home buyers more reluctant to stretch their budgets," Fairweather added. Not only are homebuyers worried about inflation continuing to rise, but they are also concerned about what would happen if the economy falls into a recession and unemployment rates increase, according to Fairweather.
"Homebuyers don't want to be in a situation where they can't afford their mortgage because they don't have the income they thought they were going to have," Fairweather added. Boise, Idaho: 61.5%
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