What's more, home loans are expected to get more expensive as the year progresses.
Here's what home buyers and sellers can expect from the housing market this year:
Homes will remain in tight supply
The supply of housing still won't be able to keep up with demand this year,experts predict. And the homes that do hit the market will sell fast.
A balanced housing market tends to have about six months of supply, according to Nela Richardson, chief economist at Redfin. In December, the market had less than three months of supply, and homes were selling five days faster than the year before.
Richardson expects 3% more sales this year compared to 2017. But competition will be fierce.
"First-time buyers are going to have to juggle a lot of balls," she said. "As long as we have an inventory shortage we will have bidding wars."
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