More than almost 50 percent of homes sold in the United States in March were above the initial listing price, in 20 of the nation’s top 50 metropolitan regions, according to residential real estate search group, OJO Labs, on April 19.
Rising interest rates and a nationwide housing shortage are causing selling prices and mortgage rates to skyrocket in the highest level in a decade, with no signs of slowing.
With a shortage of homes comes more competition, as the U.S. spring selling season begins and mortgage rates tick up rapidly.
Increasing demand over the past two years among homebuyers has been met with a shortage of some 5.8 million homes, according to Realtor.com.
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