Rising Mortgage Rates Mean Fewer People Willing to Sell
A shortage of homes for sale has plagued the housing market since late 2012
May Home Prices Up 8.8% YOY
Average prices have risen nationwide for the past 27 months. Still, homes nationwide are 13.5% below their peak values in April 2006.
Tepid Home Sales Tamp Down Price Rise
Higher mortgage rates, tight credit and a limited supply of available homes have slowed the housing recovery.