Story at a glance Rising home prices, increasing building costs and mortgage rates have intensified a highly competitive market. This led nearly a quarter of potential buyers to leave their home search after three months without success. Average home prices have increased by nearly 16 percent in the past year, with average prices in April jumping to $570,300 from $522,500 in March. A nationwide housing shortage exacerbated by rising inflation recently led the Biden administration to take action, but the housing market landscape has been changing for decades. Rising home prices, increasing building costs and mortgage rates have intensified a highly competi
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