Overall mortgage-application volume was at its lowest level since 2018, the Mortgage Bankers Association said.

Within the 20-City Composite Home Price Index, Phoenix (32.9%), Tampa (32.6%) and Miami (29.7%) showed the biggest annual percentage growth. 

Low inventory and rising interest rates have reduced prospective homebuyer purchasing power. 

The report uses 13 data sources and reader feedback to measure states on cost of living, quality of life, health care and other categories.

The study suggests that the best work-from-home conditions include low costs, reasonable comfort and a high level of security.

Rising interest rates and home prices have taken a toll on would-be homebuyers’ purchasing power, leading to increased inventory and another monthly slowdown in sales. 

Single-family home starts declined compared to February, while new apartment construction was up, according to government statistics.

Builder sentiment has taken a hit from an unexpectedly sharp increase in mortgage rates and continued disruptions in the supply chain, according to the National Association of Home Builders’ monthly survey. 

While homes are selling fast year-round, homes listed in the spring bring in the highest sale prices, according to Zillow.

Investor activity showed early signs of slowing during Q4 of 2021, down from the historic highs seen in the second and third quarter, CoreLogic’s latest analysis reveals.

Report finds buyers are backing off from buying second homes, but what’s causing the turnaround?

Surging mortgage prices deterring more buyers

Our expectations and desires have shifted, with renters searching for more space — often at a higher price tag. But, according to a new study from RentCafe, the costs in Phoenix are somewhat average.

The population trends surely fueled the Phoenix area’s housing boom, increasing demand and cutting into available housing inventory.

HomeSmart in Scottsdale led the way at No. 8 on the list with $25.1 billion in sales volume and more than 56,000 transactions in 2021.

With fewer people putting their homes on the market, prices continue to skyrocket.