Tag Archives: Supply shortage

While mortgage-purchase applications fell to a 28-year low in August, the median U.S. home-sale price is up nearly 5% year-over-year. Due to a severe lack of inventory, high housing costs continue to dampen homebuying demand, according to a new report from Redfin.

Experts say bidding wars are likely to remain commonplace, as cash offers are becoming an effective strategy to buy a home with multiple offers.