Fed raises rates by 75 basis points. Highest single hike since 1994. Before the recent rate hikes, during the previous two years- your mortgage payment on a 30 year fixed for an $800k property would be equal to that of a payment on a $500k property today.
This will no doubt cool down the housing market. Some markets will still remain hot however. Florida will as people keep moving there in droves, but especially people with money. Texas for example should as well- Wall Street private equity groups like BlackStone and BlackRock bought 1/3rd of all single family homes sold in that state in 2021. BY FAR the highest of any state in the country, I don't think any other state was above 15%. And those vultures pay all cash, close fast, and tend to drive prices up. For some reason though, Texas still seems to have affordable housing in comparison to the other juggernaut states (GDP's of $1+ trillion) like California, Florida, and New York. Not too familiar with the state of Texas or why that is, but it's kinda cool.
