Loan Size

As rates retreat and home price appreciation cools, homebuyers are getting more bang for their buck, analysts at Zillow report. Rising mortgage rates in 2022 pushed many buyers’ dream homes out of reach. Those who opted to stay in the market found that the homes they could afford were smaller and more expensive. More affordable metros were the most impacted, as buyers competed for homes in those markets. Hartford had the largest dip in home size for $3,000, down 1,200 square feet. Indianapolis and Cleveland also saw homebuyers lose over 1,000 feet. More expensive markets like San Jose, Los Angeles, San Diego, and San Francisco saw a similar trend. “Mortgage rates have a huge impact on the types of homes…