Anyone that bought when rates were still 2-3% isn’t selling unless they’re being forced. Why would they, considering their real interest rate is negative at this point.
This is a non-headline because it’s reporting on something that was expected to happen when interest rates rose.
That being said, this does suck for those who have yet to purchase their first home. Property investors buying with cash have no incentive to stop buying. This is where government should step in and regulate. Those conversations should be headlining instead.