Home Prices Hit Record High As Housing Supply Shortage Worsens
Home prices hit a record high again in May, amid a worsening supply shortage in the housing market.
The sharp jump in mortgage interest rates in last year caused an overheated housing market to slow down, but the slump did not last long.
The cost for a home, which has been rising since the start of the year, rose 0.7 percent nationwide at a seasonally adjusted rate, according to the Black Knight Home Price Index.
Housing prices rose 0.1 percent compared to May 2022 and are expected to continue rising every month.
The price surge reflects a worsening housing inventory shortage that has squeezed out would be homebuyers….