Housing market ‘stuck’ until 2026

(CNN)– Economists at Bank of America are warning first-time homebuyers to be patient.

They believe the housing market will remain stuck until at least 2026.

Those who already own a home are locked-in because of the high rates.

With a low supply that can’t keep up with the demand, home prices have nowhere to go but up.

In May, the median price of a U.S. home climbed to a record 419 thousand dollars.

Bank of American expects prices to climb by 4.5% this year and then by another 5% in 2025, before eventually dipping by .5% in 2026.