Analysis and Data
It was the largest 12-month increase since December 1981.
Listings hit the smallest year-over-year decline, indicating a decline in homebuyer demand.
Soaring interest rates, a tepid stock market, rising inflation, and economic uncertainty have put a damper on demand.
Rents were up nearly 50% in Austin and 30% in Cincinnati, Seattle and Nashville.
Approximately 62%, or 62,000, homeowners with mortgages saw their equity increase in the first quarter by 32.2% year over year.
Credit availability continued to tighten in May, according to data from the Mortgage Credit Availability Index.
Only bright spot in the segment was home equity loans, which grew 28% annually.
Recent Offerpad survey finds owners more stressed by home sale than surgery or divorce.
On an unadjusted basis, the Index decreased 17% compared with the previous week.
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