With available housing supply falling to record lows during the fourth quarter of 2016 and mortgage rates rising, some real estate observers are concerned about affordability.
Gains in wage growth might not be enough to offset these cost pressures, according to an economist with the National Association of Realtors. Home prices have reached peak in 52% of the 178 markets measured by the association. Increased home building is needed to address the affordability challenge, industry observers say.
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