Prices are up, rates are up, demand is down

With home values up 22 percent since last year and mortgage rates sitting at 5.78 percent as of last week, it’s not surprising that many would-be homebuyers are being priced out of the current market.

Nationally, housing is currently at its lowest level of affordability in 15 years.

While homes may take two weeks instead of one to sell and won’t get the same number of eager applicants, it’s a mistake to think that – at least in the Bay Area – housing is actually getting cheaper. It’s just rising at the same rapid rate as it has been.

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