"Unlocking the Housing Market: The Cost of Upgrading to a Nicer Home"

Despite higher mortgage rates, the Spring housing market is still hot due to a lack of supply, with homeowners unable to afford to move to nicer homes. The cost of upgrading to a more expensive home has increased significantly, with the average homeowner seeing a 132% rise in monthly payments. Lower rates could ease the burden, but the fundamental mismatch between supply and demand continues to put pressure on both inventory and affordability. The U.S. now has a record-high 550 "million-dollar" cities, reflecting the ongoing rise in home values.