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Home prices hit yet another record high in April, and frustrated prospective home buyers may be wondering if they should buy now or wait for home prices to fall.
OThe reality, according to six economists who spoke with MarketWatch, is that prices are not likely to fall anytime soon - at least nationally.
Mortgage rates have doubled since before the pandemic and rising home prices have made homeownership more unaffordable but the housing market is only getting more expensive, as prices show no signs of falling.
"The U.S. housing shortage is still lingering based on our estimate of 4.5 million additional housing units that are required to make up for the gaps accumulated from population growth in the last decade," said Lawrence Yun, chief economist at the National Association of REALTORS®. "Therefore, home-price declines appear unlikely."
