In the housing market, higher mortgage rates have caused purchasing power to drop significantly. This is according to new data from Redfin. The median home price has increased by 5.2% since last year while the typical monthly mortgage payment has increased by 8.4%. This decrease in purchasing power is leading more homebuyers to abandon their search for a home. The number of homebuyers who canceled their home search due to high prices increased by 42% in the past year. Despite this, the number of homes for sale remains low, causing prices to continue to rise.

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