Homes make the biggest jump in four years

It is a seller’s market, undeniably. The supply of homes for sale is low, demand is high, and now prices are heating up even more. But sellers today see more reasons to stay put than to profit. Home prices jumped 7.1 percent annually in May, according to a new report from CoreLogic. That’s the biggest jump in four years. Annual price gains had been shrinking slightly, as mortgage rates rose, but apparently higher rates are not hurting demand. They are, however, exacerbating the already critical supply shortage.

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Source: CNBC