To add onto that the current family home average is 290k which is a 90% increase in home price as monthly payment only jumped 8% while the price of a home jumped 90%. Dollar per square foot, houses are bigger as monthly payments are lower. Because interest rates jumped higher, the monthly payment is much lower as housing prices still increase as homes are becoming more and more unaffordable. However with the 3% interest rates and lower monthly payments and spreading it across 30 years, owning a home might be feasible.
While during the coronavirus there is probably the best time to receive loans with low interest rates, no one is incentivized to buy and vaccines are being anticipated across the country as the economic impact is not gone- it will simply be felt later on.