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‘The housing market is in the early stages of a substantial downshift’: Home sales may drop 25% by the end of summer, according to this analyst (DE.SPY2) (DE.D5BK) (DE.REAL) (DE.EXI5)

Per Shepherdson’s calculations, the rise in mortgage rates since September has increased the cost of a monthly mortgage payment for a median-priced home by more than $400, or 27%. “That’s a huge increase, even for households sitting on savings accumulated during the pandemic—a one-time increase in savings can’t finance an increase in mortgage payments for the next 30 years—and it will push demand down a good deal further,” he wrote. Indeed, affordability is top of mind for today’s home buyers.&nbsp

A recent survey conducted by U.S. News &amp World Report found that nearly half of buyers say affordability is their biggest concern, though a majority of those surveyed indicated that they were still optimistic they would be able to purchase a home in the next year.

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