Homebuyers stymied by fewer homes, high prices, rising rates

LOS ANGELES (AP) — America’s housing market has grown increasingly frenzied, and prices are out of reach for many buyers, especially first-timers. This spring (2022), traditionally the busiest season for home sales, is more likely to deliver frustration and disappointment for aspiring homebuyers than it is homeownership. The number of homes for sale nationally remains near record lows, fueling fierce competition among buyers vying for fewer homes. From Los Angeles to Raleigh, North Carolina, it’s typical for homes to sell within days of hitting the market. Bidding wars are common, often driving the sales price well above what the owner was asking. Rising mortgage rates further complicate the homebuying equation this year.