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Interest in jumbo and adjustable-rate mortgages is increasing as borrowers look for ways to offset inflationary pressure and higher interest rates.

“Prices falling from a year ago is a milestone because it hasn’t happened since the housing market was recovering from the 2008 subprime mortgage crisis. But it’s not surprising and in many ways, it’s welcome,” said Redfin Deputy Chief Economist Taylor Marr.

According to a new report from Zillow, the rebalancing of the housing market has been felt the most in areas where affordability is stretched, as the share of U.S. cities where the typical home value is $1 million or more declined from 522 to 464 since last July. 

Median asking rents posted the smallest increase in nearly two years and the lowest level in a year in February, according to a new report from Redfin, rising just 1.7% year-over-year.

Home prices and elevated mortgage rates prompted many to move from big, high-cost coastal metros in 2022.

"With the U.S. housing market cooling off considerably since the middle of last year, some areas of the country continue to show signs of being more at risk of a larger downturn than others,” said Rob Barber, CEO at ATTOM.

Inflated mortgage rates and home prices pushed monthly housing payments to a record high of nearly $2,600, according to a new report from Redfin.

President Biden has issued his budget for 2024, featuring a suite of funding and tax credit proposals aimed to tackle the nation’s housing affordability crisis.

According to a new report from CoreLogic, U.S. homeowners with a mortgage gained an average of $14,300 between Q4 2021 and Q4 2022, a significant decline from gains seen Q1 2022.

Mortgage rates continued their upward trajectory, with potential buyers facing affordability and low inventory issues as the spring home buying season begins to ramp up.