Have home prices bottomed? While low housing inventory stymies sales, bidding wars prop up prices

By ALEX VEIGA
AP Business Writer

LOS ANGELES (AP) — While sales of previously occupied U.S. homes fell again last month, the national median home sales price rose to $406,700, marking its first annual increase since January, the National Association of Realtors said Tuesday. Elevated mortgage rates and a stubbornly low home inventory have been a drag on sales, but prices are being propped up as buyers who can afford to do so compete for homes. So, where do prices go from here? Homebuyers hoping for a big decline may be disappointed. Many experts see a greater chance of an increase in prices versus a decline in the coming months.