Homebuyers Expand Searches to Albuquerque, Corvallis, Phoenix, Lakeland

Home prices in the U.S. are beginning to normalize but remain high, primarily due to record-high mortgage rates that keep homes unaffordable for many buyers. An increase of just one percentage point in mortgage rates can raise monthly payments by over $100, pushing potential homeowners to search outside expensive urban areas, particularly as remote work becomes more common. Recent data from Realtor.com's Cross-Market Demand Report highlights interest in various cities, including Albuquerque, Corvallis, Phoenix, and Lakeland, indicating a trend of buyers looking for more affordable options. The data reflects page views of active listings during the fourth quarter of 2024, showcasing the shifting preferences of homebuyers. Overall, the combination of high prices and mortgage rates is reshaping the housing market landscape across the country.