Home prices will increase
As a symptom of the inventory shortage, home prices are predicted to continue moving higher.
"I hope the home price growth moderates because some of the price growth has been quite sharp -- near double-digit rates of appreciation," Yun says. He predicts annualized price growth of 3% to 5% toward the end of this year and into 2016.
Prices were up 4.7% year over year from July 2014 to July 2015, according to the latest Standard & Poor's/Case-Shiller home-price index. Separate data from the Federal Housing Finance Agency show a 5.8% year-over-year increase for the same period.
"Mortgage rates may cut you a break, but prices don't seem to be," Richardson says.