Supercharged prices force out first-time buyers in May

Frustrated buyers may have better luck seeking out ugly ducklings
  • Fueled by low rates and rising incomes, demand remains strong enough to keep supply critically low.
  • Soaring prices in May are changing the face of affordability across the nation, putting homeownership beyond the reach of thousands of first-time buyers.

When an irresistible force like housing demand confronts an implacable barrier like ever-tightening inventory shortages, the pressure will grow until something has to give. In the case of our current unstable housing market, the only emergency steam valve that can relieve the bursting pressure is soaring prices, and the biggest loser is affordability.