Home prices

Competition amongst those shopping for homes fell for the second straight month as surging prices pushed consumers to the sidelines and inventory saw modest gains, according to Redfin.

Local mortgage and real estate professionals give insight on the metro areas projected to experience the highest appreciation over the next year, according to Zillow.

Still, the average time a property is on the market is at an all-time low, with more than half going into contract within two weeks.

Renters will need to reserve an additional $369 per month to keep up with rising listing prices over the next year, according to Zillow.

But some local markets in the Midwest and oil regions are seeing a lag compared to nationwide annual gains, Veros Real Estate Solutions found.

The dynamic between housing market players diverged to an even greater degree amid intense demand and surging home prices, according to Fannie Mae.

While home prices hit another record high, the supply of for-sale properties improved, according to Realtor.com.

U.S. pending home sales unexpectedly rose in May by the most in nearly a year as low borrowing costs paired with increased listings bolstered demand.

Nationally, the S&P CoreLogic Case-Shiller index of property values climbed 14.6% from a year earlier, the biggest gain in data going back to 1988.

While purchasing power grew for the 16th straight month in April, surging property values and increased mortgage rate forecasts will keep driving down affordability, according to First American.