We find that high rates in November had led to the slowest market since January of this year and the slowest November in five years.
Higher mortgage rates continue to erode buyer purchasing power, making it harder for many would-be homeowners to afford the homes they want.
Although many buyers are still stretched thin on housing affordability, today's shoppers have some advantages.
The median price per square foot grew by 1.6%, indicating that the inventory of smaller and more affordable homes continues to change.
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