Homes sell even faster as dwindling supply and rapidly rising mortgage rates fuel fierce competition.

Housing prices jumped the most since summer—up 17% year over year to a new high—as a 7% drop in new listings kept homebuyer competition elevated amid rapidly rising mortgage rates. Nearly 3 in 5 homes were snapped up within two weeks, an all-time high, and half sold for over the asking price.

“With so much uncertainty in the world and economy, it makes sense that homeowners are staying put,” said Redfin Chief Economist Daryl Fairweather. “High prices and rising mortgage rates are a strong impediment even for homeowners who would ideally like to move to a better home. First-time homebuyers, on the other hand, are still seeking the security of homeownership despite the chaos of this market.”

Key housing market takeaways for 400+ U.S. metro areas:

Unless otherwise noted, the data in this report covers the four-week period ending March 20. Redfin’s housing market data goes back through 2012.