How are prices faring as National Homeownership Month begins?

Danielle Hale, chief economist at Realtor.com, said the steep rise in prices indicates that homebuyers are feeling the pinch to bid competitively for the few remaining homes on sale.

“Home shoppers were motivated to lock in a mortgage rate before price increases, rising rates, or a combination of the two delivered a knockout punch to their aspirations,” Hale said.

“Eventually we expect a more moderate pace of listing price growth, with for-sale homes that sit for longer than the record pace we’ve seen in recent months,” she added. “Somewhat counterintuitively, conditions shifting back in buyers’ favor will likely benefit many of today’s sellers, nearly three-quarters of whom also plan to buy a home this year.”