Miami, Tampa atop home price increases
The Atlanta area was the third-highest
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The Atlanta area was the third-highest
In 45 of the 50 largest cities, buyers pay far more for the privilege to own a home than they do to rent.
The Miami area had a 21 percent year-over-year increase
Buyers are getting squeezed by higher real estate prices and soaring mortgage rates, which could force more out of the market.
Rising mortgage rates are shrinking the number of people who can afford to get a home loan.
The average long-term U.S. mortgage rate topped 7% for the first time in more than two decades this week
Surge in borrowing costs is pushing some buyers out of the market, while sellers face a quandary.
Interest rate on a typical 30-year mortgage rate has jumped by more than a quarter-point this week to 6.29%.
But sales of previously occupied homes have slowed sharply amid higher mortgage rates and rising prices.
The latest figures showed that home prices surged over 20% since March of last year.
