Realtor.com's Jonathan Smoke, an alum of BUILDER partent Hanley Wood, is bullish on housing. Witness this commentary from CNBC:
Eventually the combination of higher prices and higher mortgage rates will lead to softening demand across the U.S. However, that is not imminent and now has very little chance of occurring before late fall or winter, when we reach the slowest time of the year for home sales.
And, interestingly, the two factors holding housing back – limited new construction and tight credit – are preventing the factors that normally lead to oversupply and trigger a downward cycle in real estate.
As for now, we have a nearly perfect scenario that sets us up for the best summer for residential real estate in a decade.