“Despite robust housing demand and low mortgage rates, buyers are facing a dearth of new homes on the market, which is exacerbating affordability problems."
“While housing has clearly cooled off from 2018, home price gains in most cities remain positive in low single digits,” S&P says.
A weekly measurement of refinancing activity showed a 5% decline even though mortgage rates fell for the first time in seven weeks.
It was a "garden story" for the retailer in Q1 as severe winter weather weighed on sales of gardening supplies.
Prices are "enjoying robust numbers," but "cannot rise faster than incomes and inflation indefinitely."
But total housing inventory at the end of last month was 4.5% lower than one year ago, according to the NAR.
