The annual sales volumes for new and existing homes rose to an all-time high in May and June, pushing the months' supply of unsold homes to all-time lows. Amid strong sales activity and low supply, home prices continue to climb. With all the talk of rate increases, some consumers sense an urgency to take advantage of today's low mortgage rates. Therefore, we don't believe that the current peak sales volume levels can be sustained much longer. On a national level, the relative supply of homes on the market remains low, with only 4.1 months of existing homes and 3.4 months of new homes available. However, we have noticed some markets beginning to change, with a sharp rise in inventory. We expect the supply of existing homes for sale to increase sharply in the next few months, while sales vo...
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