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Wealth

Homebuyers Get Desperate in Overheated U.S. Spring Sales Season

Soaring mortgage rates and prices are fueling a rush to seal a deal in market where competition for houses is intense.

Two years into the pandemic housing boom, price gains are only accelerating.

Two years into the pandemic housing boom, price gains are only accelerating.

Photographer: Matthew Busch/Bloomberg

The affordability window is closing fast for house-hunters in the busiest U.S. sales season. And with inflation rampant, they’re primed to bid high. 

Two years into the pandemic housing boom, price gains are only accelerating. Mortgage rates have climbed at the quickest pace in almost three decades. There’s also hardly anything to buy.