I know it's obvious to most, but this might be good advice to some.
Loan interest rates are rising.
Monthly loan payments are rising.
This reduces how much buyers can borrow,
which reduces how much home buyers can pay.
In response, sellers will reduce prices.
But the market responds with some delay.
(Techie types call this "phase lag".)
So falling prices will continue to fall.
In 9.11.2001 the terrorists attacked.
Businesses began contracting.
People had reduced ability to pay their loans.
This came to a head in 2007, when loan defaults
became risky to survival of lenders.
People who owed more than their house was
worth were "under water". They couldn't even
afford the cost of selling, so they couldn't move
to where better jobs were.
Prices are at an all time high.
"Collapse" in home prices is coming, experts say
So the potential for prices to fall is great.
An economic hiccup could put recent buyers far under water.
Don't get caught in that.
I can't predict the how much or how soon of anything.
Save for your down payment.
Rent or live with your parents til prices fall.