Despite market slump, high rates dim homebuyer affordability

By ALEX VEIGA
AP Business Writer

LOS ANGELES (AP) — Homeownership is likely to remain a pipe dream for many Americans this spring homebuying season. The nation’s worst housing slump in nearly a decade stoked hope among prospective buyers that homes could be scooped up more easily and prices would come back to earth. But while home prices appear to have peaked last summer, they still ended 2022 higher than they were at the end of 2021 and buyers face sharply higher borrowing costs than a year ago. Still, it’s not all bad news. Nationally, there are more homes for sale now than a year ago and data shows sellers are more willing to lower their asking price.