Realtor.com’s updated 2022 forecast sees housing demand returning to pre-pandemic levels.

Nationwide, sales fell 8.5% annually and rose 5.8% monthly, as rising interest rates and home prices weighed on homebuyers’ purchasing power, RE/MAX said.

New-home completions rose during the month, however, with the increased inventory representing a rare bright spot in an otherwise gloomy government report. 

Mortgage lending took a nose dive across the U.S. in the first quarter of 2022

Redfin economists say they expect the cooldown in budgets to lead to a cooldown in price growth over the next few months. 

Worsening affordability challenges are affecting first-time homebuyers

The shift comes at a great cost as rising mortgage rates continue to keep buyers out of the market.

Nationally, the index posted its highest annual increase ever.

With affordability reduced, some buyers are pulling back from the market forcing sellers to adjust their price expectations.

Soaring home prices and markedly diminished inventory are suppressing housing affordability for many nationwide.

Nevertheless, home prices are expected to continue rising through the end of the year, according to the National Association of REALTORS®. 

The travel insurance provider reviewed “cities of all sizes and in regions across the nation” to assess the greenest communities in the U.S.

The rate of new single-family home sales fell 16.6% from March’s revised number, while the median sales price jumped to $450,600 from March’s revised median house price of $435,000. 

The inventory of unsold homes increased in April, while the median existing-home sales price rose, according to the National Association of REALTORS®.

“Builders are responding to higher mortgage rates and are chasing rising rents, with fewer homebuyers and more renters being forced to renew their leases.” — NAR Chief Economist Lawrence Yun 

Phoenix, which has seen an influx of new residents in recent years, scored highest on net migration and value/affordability.