A ‘self-fulfilling prophecy’ is making the housing market more hellish for first-time buyers

New townhouses under construction in Northeast Washington, DC. Drew Angerer/Getty

Home prices are near record highs in many cities across America, and the belief they’ll continue rising is encouraging more people to buy.

The result is a higher barrier to entry for people who want to buy their first homes, according to David Rosenberg, the chief economist at Gluskin Sheff.

He drew his most recent observations on the housing market from the University of Michigan’s monthly survey that checks the consumer’s pulse on various parts of the economy.

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