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5 reasons why this summer may be house-hunting hell

House Hunting

he summer is shaping up to be a miserable season for many house-hunters.

Home values across the U.S. spiked almost 9 percent last month, marking that fastest pace since the height of the housing bubble in June 2006.

Despite the sharply higher prices, demand from buyers remains strong, thanks to a combination of demographic changes, rising wages and the new tax cut, creating what real estate data site Zillow describes as "a perfect storm." On top of that, new construction has been sluggish, leading to tight inventory. 

The median home price in the U.S. rose 8.7 percent to $215,600 in April compared with a year earlier, Zillow found.

Higher mortgage rates add to the challenge of finding an affordable home, and some buyers may be rushing to make a purchase before the Federal Reserve potentially boosts rates again later this year. Fixed rates for 30-year mortgages are now at about 4.66 percent, their highest level since May 2011, Freddie Mac reported on Thursday.

​Source material CBS News

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