There are many reasons for this, too much to write here but, in a nutshell, the economy is a mess, inflation is not under control as the fed would like you to think and the housing market along with all other markets escalated so fast and high in such a short amount of time that it created the largest debt bubble in history, it's not sustainable and 2023 will be the beginning of a long and deep recession.

On TOP of that, inflation, consumer wage are coming down and JOBS market still seems to be hanging on.  10 MM job offerings out there.In the last week I am seeing 5,10 + offers on houses and buyers that waited for 2023 are excited to get out there and purchase a home. 

RE goes along with inflation and while interest rates can go down, the value of RE will not.

We inflate the sales price and ask for maximum sellers assist.

Sources: Property Tax, Insurance Cost.Summary:Metro populations over 1 MRemove any with static or declining metro or state population.Remove all high-crime cities.Eliminate locations with high operating costs.After these eliminations, you will be down to a small set of locations where you can dig deeper (these criteria will take more time to filter through.)Rents and prices keep pace with inflation.

Currently the money is in a high-yield savings account getting pummeled by inflation. :)My income as an artist makes it very hard to qualify for any kind of loan.

SC has the job growth and population growth but their wages have been basically keeping up with inflation.

Ask your lender if you can even get a credit that large.Personally I recommend to almost all my clients to inflate the purchase price a bit to get the seller credit that they are looking for.

Local realtors in Kenosha and Racine, for example, are still knocking on doors and are cold-calling clients with promises of inflated prices for their homes.

Cost of Living is not just inflation related.