In June, while the strength of the U.S. economy has helped purchase offers pile up, the Fed recently passed the second rate hike this year and seventh since late 2015. Although the 30-year mortgage rate did not increase, buyers often react by locking in at the current rate ahead of assumed higher rates later. When this happens, accelerated price increases are possible, causing further strain on affordability.
Inventory may be persistently low, and home prices are still more likely to rise than not, but sales and new listings may finish the summer on the upswing. The housing supply outlook in several markets is beginning to show an increase in new construction, which is an encouraging sign in an already healthy marketplace.
Market Overview Charts for All Properties
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