Rising mortgage rates, record low supply and record high prices have house hunters feeling more frustrated than ever.
"We're stuck between a rock and a hard place," said Rondie Robinson, who was there with his wife and daughter. Robinson said he recently got a new job and is looking to upgrade to a larger home.
New listings from sellers were down 8% year-over-year for the week ending Jan. 22, according to Realtor.com. New listings have been below historical levels for eight of the last 10 weeks. As a result, active inventory, which is the total number of homes for sale, was down 28% from a year ago. The combination of fierce demand and low mortgage rates over the past two years caused home prices to rise at the fastest pace in several decades.
Walker said his phone has been ringing off the hook with calls from potential buyers looking to lock in their rates now before they move any higher.to buy a home jumped 8% in the second week of this month from the first, according to the Mortgage Bankers Association.
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