Prices climbed 11% year over year in metro areas, driven by the limited number of homes for sale and low mortgage rates.
Many people may have already locked in ultra-low mortgage rates over the past year.
But they are still very low, historically speaking. Here's what that could mean for the housing market.
A new "adverse market fee" kicked in this week, despite declining interest rates.
But low interest rates soften the blow.
The average homeownership tenure has more than doubled, to about eight years.
Lower mortgage rates should help more people buy new homes.
New home sales are down, even though mortgage rates are down, too. But low mortgages aren't the deciding factor when it comes to buying a home.