CREDIT SUISSE: There's A Buyer Rush In The US Housing Market Unlike Anything We've Ever Seen

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Credit Suisse analysts conduct a monthly survey of real estate agents in 40 housing markets across the U.S. to get a ground-level view of the market around the country.

The results from their latest survey are out, and Credit Suisse analyst Daniel Oppenheim writes in a note to clients that "the breadth of strength in both pricing and traffic at the start of spring selling season" is "unprecedented in [the] survey's history (dating back to '05)."

Oppenheim says real estate agents are "widely citing increased buyer urgency due to the combination of persistent inventory shortages (driving prices higher) and signs of mortgage rates moving higher."

The data showed that prices rose in all 40 markets last month – the first time that's ever happened in the history of the survey. Credit Suisse's home price index, derived from the survey data, increased to 79.3 from 74.6 in January.

The strongest price increases were observed in California, Florida, Austin, Las Vegas, San Antonio, Seattle, Denver, and Phoenix, according to Oppenheim.

The buyer traffic index derived from survey data rose to 65.1 from 59.0. Oppenheim notes that "only Charleston, Orlando, and Tucson failed to meet agents' expectations, while notable improvement was seen in the formerly-lagging Chicago and New York markets along Texas markets (Austin, Dallas, and Houston each increased by at least 14 points)."

Meanwhile, housing supply continues to fall and the length of time it takes to sell a home fell to a new low. Oppenheim says both of these factors point to further price gains this spring.

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Rate on 30-Year Mortgage Drops to Record Low

Housing sales have been picking up, and the lowest mortgage rates in decades are a key reason why. The average rate on a 30-year mortgage stands at 3.51 percent. That's close to the record of 3.31 percent set last November. "It's the rising prices that is the game changer," Patrick Newport, an economist at IHS Global Insight in Lexington, Mass., told Bloomberg News. "Housing is going to be the key driver that will get economy on a higher growth path," he said. The ultra-low rates have also encouraged many people to refinance. That often leads to lower monthly payments and more spending money.