Seattle’s median home price hit a new high, while total transactions and inventory improved from month to month.

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 

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.

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. 

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.

Home prices nationwide continued to climb higher in February compared to 12 months ago, according to the S&P CoreLogic Case-Shiller Indices.

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

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. 

Median prices increased and average days on the market plummeted in the Puget Sound region during the first quarter of 2022.

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.