Typically, the intense markets are found on the coasts but this time it is almost everywhere with the national average listing price hitting a new high in May 2021 when it reached $380,000 .
Because the brunt of the cost increases had happened at the low end of the market, the number of first-time buyers has no choice but to decrease.
Most recently, new listings were up 7% after also rising in March and April after briefly dropping the first part of June.
Currently there is no plan to increase rates, but a closer look reinforces a concern that the economy may be recovering faster than anticipated.
A March survey by Fannie Mae indicated more Americans have lost confidence that this is a good time to buy, with buyer confidence dropping by 4%.
The top end of the market for well-qualified Millennials may very well be a 3-bedroom, 2.5 bath home for $360,000 or less.
Author bio: Brian Kline has been investing in real estate for more than 35 years and writing about real estate investing for 12 years.