Why does the real estate market seem dead in some places?

Why does the real estate market seem dead in some places? 🏠

With a rapid rise in home values, about 60% of homeowners nationwide can’t afford to buy the homes they live in with their current incomes. It’s such a staggering reality that calls for reflection. 💭

Higher rates are a major player, keeping the lock-in effect at the forefront, muting transactions. Moreover, price issues are real, with property taxes and insurance rates and a plethora of hidden costs of ownership on a continuous upward trajectory. 📈

Inflation remains a major concern, a factor affecting us all. ✋

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