"That killed the buyer momentum that had been building, and brought us right back to where we were last year when mortgage rates shot up.
For example, prices in Boise surged a record 40.9% in May 2021 amid low mortgage rates, the remote-work trend, and relative affordability.
But since then, mortgage rates have soared amid Federal Reserve rate hikes.
While they have come off last year's peak of 7%, the 30-year-fixed mortgage rate averaged 6.54% in March, up from 4.17% a year earlier.
Meanwhile, the higher mortgage rates are keeping buyers and sellers on the sidelines, and March saw new listings drop 23.3% year over year, Redfin said.