Almost three-quarters of American consumers in March said they believed now is a “bad time to buy” real estate, a record high, according to a report from Fannie Mae.
The share of sellers who had to reduce asking prices is rising at the fastest pace since August, Redfin said in a report.
Home prices grew 20% in February from a year earlier, a record pace, as buyers competed for a limited amount of properties on the market, CoreLogic said.
The U.S. median listing price reached a record high of $405,000 in March, according to a Realtor.com report on Thursday.
Home prices continued to skyrocket, depite a gain in mortgage rates, as the inventory of homes for sale dropped to the lowest ever recorded.
Mortgage rates at a three-year high are impacting home sales, making it tough for buyers to stretch to pay record-high property prices, NAR's chief economist said.
Mortgage rates have risen to a three-year high, making it tougher for borrowers to stretch to pay soaring prices for new houses.
Buyers are balking at the "double whammy" of rising mortgage rates and higher prices, said NAR's Lawrence Yun.
A “lack of resale inventory continues to support housing demand despite higher interest rates,” said Robert Dietz, NAHB's chief economist.
The share of respondents who said mortgage rates will rise over the next year increased to a record high of 67%, according to a Fannie Mae report.
