Governing

Median home prices have started to level off in the last few months after years of sharp increases, with experts noting that prices aren’t dropping in most places but have begun growing more slowly and don’t expect costs to drop dramatically. Factors such as high construction costs, limited supply, stubborn mortgage rates, investor competition, and slowing development suggest prices will stay high in the near term, with longer-term affordability dependent on decreasing household formation and weakening demand.

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