Robert Galbraith/ Reuters
- The housing market is about to get even more unaffordable as the cost of buying a home jumps.
- Home prices could spike 6% this year and 7% in 2024, the AEI Housing Center estimated.
- That will add more strain to buyers who are slammed with high mortgage rates.
The US housing market is about to get even more unaffordable, as home prices will likely continue their uptrend over the next few years, according to the American Enterprise Institute Housing Center.
The Washington DC-based think-tank pointed to recent acceleration in housing costs, with home prices rising 2.9% year over year in June, up from the 2.1% annual increase in the prior month.