The lack of existing homes for sale on the market is driving a resurgence of home-price growth and supporting increases in new home construction, according to Fannie Mae’s Economic & Strategic Research (ESR) group.

“The extent of the ongoing lack of inventory has exceeded our prior expectation,” the ESR group said in its July commentary. “This ongoing lack of inventory, in part due to mortgage lock-in effects, has driven significantly stronger home price appreciation over the first half of 2023 than we had previously anticipated.”

Fannie Mae forecasts home-price growth for 2023 and 2024 will be details ⇒

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