The last time houses were this unaffordable was 2006

Source: Housing Wire — 

Surging interest rates and home price appreciation made March one of the most challenging months for prospective homebuyers looking to make purchases, according to a recent report.

Annual home price gains saw 19.9% annual appreciation in March, down from an upwardly revised 20.1% in February, which was the first month to see price growth greater than 20%, according to Black Knight’s monthly mortgage monitor report. While the annual home price growth reflects a slowdown in March after accelerating for the previous four months, home prices are up about 6% nationwide year-to-date and the 30-year mortgage interest rate of 5.11% as of April 21 continued to propel a lack of affordable homes.