Experts say the housing market is extremely competitive, with many homes for sale getting 10-25 cash offers, which puts homebuyers in the awkward position of having to overpay just to stay competitive.
At the start of summer prices for U.S. homes rose faster than they had in 17 years as surging demand for housing outstripped the supply, according to the Associated Press.
The S&P CoreLogic Case-Shiller 20-city home price index revealed an increase of 17% in May from a year earlier on top of a 15% jump in April.
This marked the biggest since August 2004.
Markets with the most traction were Phoenix (where prices surged 25.9%), San Diego (24.7%) and Seattle (23.4%)
The U.S. housing market shifted as the social distancing of the pandemic motivated a number of people to trade in their apartment homes and for bigger houses in the suburbs.
Further motivation came in the form of easy money policies from the Federal Reserve, which kept…