Landlords offering 'sweeteners' like free parking as rental market slows: report“The upward pressure on home prices is making this the most unaffordable housing market in history,” said Lisa Sturtevant, Bright MLS chief economist. “First-time and moderate-income home buyers, in particular, increasingly are being left out of the housing market.”
The 20-city composite, which also tracks housing prices in Dallas and Seattle, posted an annual gain of 6.5%, a decrease from the 6.9% figure recorded the previous month.The largest price gain took place in New York, which recorded a year-over-year increase of 9%. Portland, Ore., once again saw the smallest gain in June, with home prices climbing just 0.8% from the prior year.
“Mortgage rates have fallen since June, but there is evidence that even the decline in rates has not been enough to bring buyers back into the market,” Sturtevant said. “Some buyers are waiting for home prices — and not just interest rates — to come down.”“The upward pressure on home prices is making this the most unaffordable housing market in history,” said Lisa Sturtevant, Bright MLS chief economist.