Market Insider: How Long Will this Housing Shortage Last?

By Lawrence Yun Home prices have risen at a double-digit rate since early spring. The Case-Shiller reading was up 11 percent in March compared to a year earlier, while the NAR median price was higher by roughly the same amount in April. This robust appreciation appears nearly certain to last for the remainder of 2013 and the reason is basic economics: increasing demand and tight supply. Data on pending contracts and closed sales are at five-year highs, while data on homebuyer traffic activity (an element of the REALTORS® Confidence Index) is almost moving off the charts. Multiple bids are increasingly common in many local markets. ... Read More >