Numerous challenges for homebuyers this spring season

Associated Press

While demand for homes has remained red hot, market conditions have slowed the pace of sales nationally compared with a year ago. Fewer homes are on the market while prices have jumped. Some homes are selling for more than their appraised value and would-be buyers with approved financing are losing out to buyers with cash. Meanwhile, the rate on a 30-year mortgage has risen to around 4.7% from close to 3% a year earlier.