On the flip side, the nation's homebuilders have been big beneficiaries of the tight market, seeing sales jump 12% in May from April, according to the U.S.

'The lack of housing inventory continues to prevent housing demand from being fully realized.' 'Despite sluggish pending contract signings, the housing market is resilient with approximately three offers for each listing,' NAR's chief economist, Lawrence Yun, said in a release. Pending sales, which measure signed contracts on existing homes, fell nearly 3% in May from April, according to a report Thursday from the National Association of Realtors. 'The ongoing recovery in home prices is broadly based,' Craig Lazzara, managing director at S&P DJI, said in a release. But prices bottomed in January, according to the latest S&P Case-Shiller home price index, despite still higher interest rates and slower sales. They began to fall because mortgage rates had doubled in a matter of months. Prices peaked last June, after rising over 45% from pre-pandemic levels. The vast majority of homeowners with mortgages have rates below 4%, with some even below 3%.Īn even tighter housing market ahead means home prices are unlikely to cool.

With mortgage rates surging ever higher, crossing over 7% again on the 30-year fixed Thursday, according to Mortgage News Daily, homeowners have very little incentive to sell their homes. New listings in the last week of June were down 29% from the same week a year ago. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit

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