Yeah but homes were priced based on that historical trend. Now the high interest rates are pushing up against a decade plus of very low interest rates. There are willing sellers that can't actually sell because even with significant equity in their existing home a new purchase would result in a much higher payment. There are too many people locked in at low rates.
Yep, we're pretty much stuck. Not really complaining, at least I have a home bought at a much lower price and rate compared to homes now, so my mortgage payment is quite affordable, but I really wish we had followed through with moving when we were looking at homes just before the rates started jacking up.
We waited a bit and it quickly got to the point where our mortgage payment would double if we sold and bought an equivalent home to what we have today (and we'd ideally want to upgrade a bit, we bought this intending it to be an affordable starter home).
