Meghan Markle and Prince Harry’s decision to buy an over $14 million property in Montecito has been dubbed as a mistake.

According to Express, the couple’s decision to buy a property may have come at a bad time.

The National Associations of Realtors recently revealed that the median existing single-family home price rose 4.2% annually in the second quarter. The price surge is the United States is reportedly driven by a vanishing supply paired with excessive demand.

While speaking with the Santa Barbara News-Press, Renee Grubb, owner of Village Properties, said that the local housing market boom is completely shocking.

“We are seeing jaw-dropping numbers and showings and they really started spiking in June. I can remember a time wherein Montecito, there was inventory in the market that would take two years to sell, and now, I am quoting you just a bit over three months,” she said.

Grubb didn’t directly talk about Prince Harry and Markle’s home but it is located in Santa Barbara’s upper-scale neighborhood of Montecito. The Duke and Duchess of Sussexes’ A-list neighbors include Ellen DeGeneres and Oprah Winfrey.

Earlier this week, it was revealed that Prince Harry and Markle purchased their first home together. After living at Tyler Perry’s mansion since March, the Sussexes reportedly moved to Santa Barbara in July.

“This is where they want to bring Archie up, where they hope he can have as normal a life as possible.” “Harry and Meghan never intended to make Los Angeles their home. It was a good place for them to be upon their arrival in the US to be close to Meghan’s mom. They have thought about this carefully and researched it well. This is the place where they plan to be happy, make good friends and bring up Archie, giving him the chance to play with other children his age,” the source said.

Meanwhile, Prince Harry and Markle have also been making headlines following the release of Finding Freedom. Several shocking claims about the Sussexes are included in Omid Scobie and Carolyn Durand’s book.

Other than stories about Prince William and Prince Harry’s feud, Markle’s relationship with Kate Middleton, there are also stories about the royal family, Pippa Middleton, Markle’s rescue dogs, her friends, and more.