U.S. home prices climbed higher in June with gains that are eclipsing income growth — creating affordability pressures for would-be buyers.
There is a shortage of properties for sale, causing the prices to steadily Rise at more than double the pace of average hourly earnings.
"Given current economic conditions and the tight housing market, an immediate reversal in home price trends appears unlikely," Blitzer said.
The National Association of Realtors said last week that the number of existing homes listed for sale has plummeted 9 percent over the past 12 months to 1.92 million.
Average rates have declined in recent months, in line with Treasury bond yields, as uncertainty has surrounded President Donald Trump 's tax and infrastructure policies and their ability to stimulate faster economic growth.
- Home resale price gains in metro Denver are gradually easingDenver Business Journal
- South Florida home prices rising slower than other areas nationwideSun Sentinel
- Portland's home prices still growing faster than most cities, but they're slowingOregonLive.com
- Home price gains were hot in June as Seattle sizzled, Case-Shiller saysMarketWatch
- June Home Prices Continue Steep Rise: Case-Shiller24/7 Wall St.
- No ceiling yet: North Texas resides among nation's top 3 in home price gains ...Dallas News
- Lean Inventory Drives Home-Price Gain in 20 US CitiesBloomberg
- S&P/Case-Shiller National Index rises to all time highStock Market Wire
- US home price growth continues apace in JuneFinancial Times