The supply of homes for sale at the end of July was 9 percent lower compared with July of 2016, according to the National Association of Realtors.
After flattening slightly in May, price increases jumped again in June, now up 5.8 percent nationally compared with a year ago, according to the latest release from S&P CoreLogic Case-Shiller.
By Diana Olick | CNBC
Not only are home prices continuing to rise, but the gains are accelerating. Couple that with record-low supply of homes for sale, and you would think demand would fall off. So far, it has not. Bidding wars are to be expected with most offers, especially in larger metropolitan areas and their suburbs.
“It’s a new normal in the housing market,” wrote Cheryl Young, senior economist at Trulia, in a response to new price reports. “Ever rising prices being met by insatiable demand.”
