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 Florida fourth 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. 

A four-year snapshot of South Florida’s average home and condo prices gives perspective to the real estate boom over that same time frame.

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

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.