From today's WSJ: "The housing market remains extremely competitive. Rising mortgage rates in recent weeks have prompted buyers to move quickly in case interest rates climb further, real-estate agents say. Homes are frequently selling within days for more than their list prices. More houses are being purchased with cash, and first-time buyers are getting squeezed out.
Still, the shortage of homes on the market is holding back the number of sales, economists say. On top of that, some buyers have been sidelined as rising prices and higher interest rates have made homeownership less affordable.
The median existing-home price rose 15.4% in January from a year earlier, NAR said, to $350,300.
"Buyers were likely anticipating further rate increases and locking in at the low rates, and investors added to overall demand with all-cash offers," said Lawrence Yun, NAR's chief economist."
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