And not to be a broken record on this, but people don’t buy a price. They buy a monthly payment. Significantly higher interest rates are pricing many people out. We are also seeing a surge in ARM loans again. That is poison to the buyer.
And finally, I doubt seriously that anyone is refinancing now.
I keep getting calls about it. My current mortgage is 3.25% - they are asking 5.5% refi for what? To get some of that extra money out of my equity so I can spend it, have a much higher monthly payment and then be underwater when everything collapses? Nope.
Loans are getting hard to come by. Even with 50% down, some lenders are not qualifying buyers.