3 Reasons Housing Affordability Is Finally Improving This Fall

For the past couple of years, it’s been tough for many homebuyers to make the numbers work. Home prices surged. Mortgage rates climbed. Budgets felt stretched thin. A lot of buyers hit pause because buying simply didn’t feel possible. Maybe you were one of them.

But this fall, there’s encouraging news, housing affordability is finally showing signs of improvement.

According to the latest data from Redfin, the typical monthly mortgage payment has dropped by roughly $290 compared to just a few months ago. That’s a meaningful shift.

So, what’s changing?

The cost of buying a home comes down to three major factors:

✅ Mortgage rates
✅ Home prices
✅ Your wages

Right now, all three are finally moving in a better direction. While buying a home isn’t suddenly “easy,” it’s becoming more manageable than it was earlier this year.

As a Realtor in Connecticut with Joseph Malerba Real Estate, eXp Realty, here’s what you need to know.

1. Mortgage Rates Are Coming Down

Mortgage rates have eased compared to earlier this year. In May, rates were hovering around 7%. Now, they’re closer to 6.3%.

That may not sound dramatic but even a small drop can make a big difference in your monthly payment.

For example:
If you take out a $400,000 mortgage at 6.3% instead of 7%, that’s about $190 less per month just from the rate change alone.

That’s real money back in your budget and for many buyers, it’s the difference between waiting and moving forward.

Buyers are coming back and they’re serious.

2. Home Price Growth Has Slowed

After several years of rapid price growth, we’re finally seeing things level off. Prices are still positive overall, but the pace is much more reasonable.

Odeta Kushi, Deputy Chief Economist at First American, explains:

“National home price growth remains positive, but muted — low single digits — and we expect this trend to continue in the second half of the year.”

For buyers, that’s a relief. Slower growth = more predictability.
In some Connecticut markets, prices have even dipped slightly, creating new opportunities for the right buyer.

As a Connecticut Realtor, I’m watching these local trends closely and there are pockets of affordability if you know where to look.

3. Wages Are Rising Faster Than Prices

According to the Bureau of Labor Statistics, wages are up close to 4% annually and they’re currently rising faster than home prices.

Your paycheck is going a little further and in a tight market, every bit counts. More income + slower price growth = improved affordability.

What This Means for You

Lower rates, slower home price gains, and stronger wages combined could be enough to finally make the numbers work this fall.

Yes, affordability is still tight but it’s better than it was just a few months ago. And remember, Redfin reports the average monthly mortgage payment is already about $290 lower than earlier this year.

That’s momentum worth paying attention to.

As Joseph Malerba Real Estate with eXp Realty, I’ve helped hundreds of clients navigate shifting markets just like this one. If you've been waiting for the right moment… this could be it.

Is Now the Time to Re-Enter the Market?

If you’ve been wondering, “Is it worth taking another look at buying?” the answer might be yes.

Let’s run the numbers together.
I’ll help you:

✔ Understand your buying power
✔ Compare payment scenarios
✔ Explore affordable opportunities in your target area
✔ Decide if this fall is the right time to make your move

Stop window-shopping. Start key-turning.

Let’s connect today.
Contact Joseph Malerba Real Estate, eXp Realty, your trusted Realtor in Connecticut and let’s make your homeownership goals a reality.