A Hot Summer for Housing

A combination of rising demand, prices, and mortgage rates will keep the housing market difficult for buyers through the 2018 summer.

MoneyWatch reports that the median U.S. home price rose 8.7 percent in April, the fastest pace since 2006. Paired with the highest fixed rate for 30-year mortgages since May 2011, this could spell trouble for those looking to buy this summer.

Despite the sharply higher prices, demand from buyers remains strong, thanks to a combination of demographic changes, rising wages and the new tax cut, creating what real estate data site Zillow describes as "a perfect storm." On top of that, new construction has been sluggish, leading to tight inventory.

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