Despite the drop in demand, homes are selling faster than ever.

The data illustrates the struggle for homebuyers trying to get a foot in the housing door in many of the country’s largest markets.

Despite a slow start to the spring homebuying season, prospective buyers are showing some resiliency in the face of higher mortgage rates, as seen by two weeks in a row of increasing loan applications. 

Homes are selling at record-breaking speed.

Seventy percent of the 185 metros surveyed by the National Association of REALTORS® saw double-digit price gains in the first quarter, compared to 66% in the preceding period. 

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.

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