While sizes of both residential lots and houses have continued on a downward slope during the last decade, a new report from StorageCafe revealed the South reigns supreme for larger spaces, as seven southern cities made the top 10 hotspots for spacious living.

“In most of the country, expensive properties that are in good condition and priced fairly are attracting buyers and in some cases bidding wars, mostly because for-sale signs are few and far between right now,” said Redfin Economics Research Lead Chen Zhao.

"Just like the weather, large local market variations exist despite the minor change in the national home price," NAR Chief Economist Lawrence Yun said.

LendingTree found that shopping around for a mortgage could help borrowers across the nation’s largest metros save an average of $84,301 over the lifetime of their loans.

On one hand, buying a home and paying a mortgage means owners can build equity and leave an inheritance. However, when adding up monthly mortgage payments, home insurance, and property taxes, many renters could be left feeling like renting is not just the best option, but the only option.

"We've been noting for some months that the recent rate of home price gains would have a lagging, but significant, impact on the annual rate of appreciation," said Black Knight VP of Enterprise Research Andy Walden. "Well, June marked that inflection point."

For a litany of reasons—including rising prices and inflation—most consumers surveyed believe that now is not a good time to purchase a home.

Home prices are increasing due to the mismatch between supply and demand, as inventory remains low due to the lock-in effect. The total number of homes for sale is down 19%, the biggest drop in a year and a half, and new listings are down 21%.

According to Odeta Kushi, First American's Deputy Chief Economist, there has never been an official or general agreement on what constitutes a housing recession.

“Sharply lower housing inventory in the U.S. and higher borrowing costs across the world have dented international buyers for two straight years,” said NAR Chief Economist Lawrence Yun.