Those ready to purchase their first home may want to hold off, since the first-time buyer agency mortgage risk index stood at 15.55% last month. According to a report by American Enterprise Institute's International Center on Housing Risk, this is a 1.3% jump from the same time last year.

First-time buyers usually take up 56.9% of primary owner-occupied home purchase mortgages with a government guarantee. Last August, however, they only accounted for 54.5%.

"The strong spring 2015 home buying season has been paced by outsized gains for first-time buyers," Center Co-Director Edward Pinto says. Edward blames liberalized credit standards for rising demand and home prices.

Repeat homebuyers are also seeing trouble, with their mortgage risk index is up 6%, and the gap is only widening.

With continuing low mortgage rates, a better labor market and loose credit standards, home prices will keep outpacing income. [HousingWire]