“Normal” is tough to define. But when it comes to housing affordability, most potential home buyers can agree the past several years have felt anything but normal. Skyrocketing prices, elevated mortgage rates, and competition from other buyers have made finding an affordable house seem almost impossible. Fortunately, the market has calmed recently and, according to one new study, may even be on track to return to normal. Per the report, if both home price and wage growth hold at today’s pace, mortgage rates would only need to fall a little bit further for the market to be on the right track. In fact, the market would return to normal conditions within the next few years. And, If home prices were to flatten or decline even a little, we’d be back to normal even sooner. Put another way, if current trends continue and rates ease, a balanced and affordable housing market may be closer than you think. (source)
