We simply don't have enough homes on the market to meet demand. We think the supply situation may improve next year when interest rates are expected to be higher that should result in a lessening of demand and cooler price appreciation.
More Quotes from David Lereah:
When mortgage interest rates first began to rise from record lows, it appears some buyers jumped into the market to take advantage of good affordability conditions before interest rates moved even higher.David Lereah
This is a great time to lock in.
David Lereah
The ongoing stimulus of lower-than-expected mortgage interest rates was the primary driver of strong home sales in October, ... Of course all of the other market fundamentals remain sound, so we should only see a modest decline from record home sales this year if mortgage interest rates gradually rise.
David Lereah
Home sales are staying at very healthy levels. Housing inventory improved in August, but remain tight, and we have some way to go before we get into a range of balance between home buyers and sellers.
David Lereah
The continuing shortages of housing inventory are driving the price gains. There is no evidence of bubbles popping.
David Lereah
With 30-year fixed mortgage interest rates a little under 7.0 percent, and expected to stay near this level for the balance of the year, we project existing-home sales to nearly match last year's performance.
David Lereah
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