While experts are forecasting more homes will be available, they said the boost in supply is not enough to solve affordability issues for buyers."It's a very strange market, and it's kind of hard to predict," said Jeff Ostrowski, a housing analyst at Bankrate.com.
In his CNBC appearance, Kelman also pointed out that demand for homeownership remains high, especially among buyers who have been putting off the home purchase for a long time. "Mortgage rates are down a bit from May highs, but that hasn't spurred a surge of competition among buyers in the housing market," Divounguy said.Many experts believe the Federal Reserve will likely hold interest rates in the upcoming board meeting on June 12. However, the National Association of Realtors forecast a potential interest rate cut by the fall of this year, according to Jessica Lautz, the NAR's deputy chief economist.
"It's very possible that they're ending up paying the same mortgage payment because they're purchasing a home that while has a lower interest rate, has a higher price point," she said.While the housing market has slowed in terms of the number of transactions, prices haven't soften despite broader expectations, Ostrowski explained.