Applications for mortgages declined for the week ending March 11 when compared to a week earlier as interest rates rose to multi-year highs, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
Homes bought by investors made up a record 18.4 percent of the total homes sold in the United States during the final quarter of last year, based on a report by realty company Redfin, drawing scrutiny from lawmakers who have blamed the trend for driving up home prices.
U.S. Home Price Rose by a Record-Shattering 17% in March Compared to a Year Ago
Home prices continued to soar amid low inventory and strong demand, as cities like New York and San Francisco begin to rebound By V.L. Hendrickson |
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Austin, Texas, had the largest year-over-year price increase in March, 28.2%, according to the Redfin report. John Coletti/Getty Images
Austin, Texas, had the largest year-over-year price increase in March, 28.2%, according to the Redfin report.
John Coletti/Getty Images
March was a record-busting month for the U.S. real estate market, according to a Redfin report Thursday.
The median home price in the U.S. was $353,000 in March, a year-over-year increase of 17% a record growth rate, Redfin reported.