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The cutthroat pandemic-fueled home-buying frenzy is over, but hopeful home buyers shouldn’t expect an easy process this spring.
Working against buyers is a continued affordability crunch given the median single-family existing-home price
rose 4% in the past year to $378,700, according to the National Association of Realtors. Mortgage rates are hovering above 6%, with more rate increases to come. In addition, inventory levels remain low since about 70% of homeowners have a locked-in lower mortgage rate.
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