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“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
Seattle scored extremely well for the local job market and had good marks on quality of life and desirability.
The release of the monthly survey from the National Association of Home Builders comes as the Biden Administration unveiled a housing-supply action plan that aims to boost the supply of affordable apartments and new homes.
The Tax Foundation’s 2022 State Business Tax Climate Index ranked Washington 15th on its list. Wyoming was No. 1 and New Jersey was last.
Despite the drop in demand, homes are selling faster than ever.
The data illustrates the struggle for first-time homebuyers trying to get a foot in the housing door in 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.