The price appreciation experienced in the housing market during the mid-2000s was characterized by a surge in demand driven by wider access to mortgage financing. Price appreciation in today’s housing market is characterized by a shortage of supply. The supply of homes on the market remains extremely low, and the homes that hit the market sell very quickly– an indication that demand is outpacing supply.
Save time. Article key point.
The lowest interest rates in nearly a year were not enough incentive to juice mortgage demand.