Americans are starting to get worried about the 'new housing crisis

Americans are catching on to the rise in home prices.The gap between the demand for new homes and the supply coming onto the market, which we've dubbed "the new housing crisis," has caused prices to soar and priced out many first-time homebuyers.In fact, San Jose became the first city in the US to have a median house price of $1 million for a single-family home in the second quarter, according to the National Association of Realtors.According to Friday's University of Michigan Consumer Sentiment Survey, people are taking notice of record low interest rates, which could be a reason for the incredibly high number of people who are planning to buy a new home in the next six months."Home buying has become particularly dependent on low interest rates, with net references to low interest rates spontaneously mentioned by 48%this figure has been exceeded in only two months in the past ten years," said the release accompanying the survey.The read through here is that Americans are beginning to see the writing on the wall that record low mortgage ratesmay soon begin to rise if theFederal Reserve hikes rates. Therefore,the urgency to buy a home may increase.Whilethese low rates may spur people to buyhouses, they'realso making it less likely for peopleto move. This is drying up the stock of existing homes that could helpalleviate the supply crisis and rising prices.The only issue is, barely anyone issaying that homeprices are low."In contrast, low housing prices were cited by just 25%, the lowest figure in ten years," said the release.So you've got people recognizing that interest rates are incredibly low, and that's driving them to buy houses. But they've also recognized that prices are no longer low.This isn't a direct measure on whether Americans recognize the source of the problem, but at some level it appears they are aware.SEE ALSO:Donald Trump has debuted a new 'world of charts,' so we looked at how honest they areJoin the conversation about this storyNOW WATCH: Scientists just collected a mysterious 'purple orb' at the bottom of the ocean, but no one could anticipate what happened next
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