Hong Kong’s housing market has rebounded faster than expected this year, but analysts say the pace of the recovery could undermine its own momentum as rising prices begin to erase the affordability that had started drawing local buyers back into the market.Jeremy Wong, a financial professional in his 40s who recently married, had hoped this year would finally be the right time to buy a three-bedroom home with his wife after prices corrected from their peak.Instead, the rebound had pushed their plans back by two to three years, he said, as they saved for a larger down payment rather than rely on their parents’ retirement savings.“It shocked me,” Wong said. “I knew prices generally follow the stock market, but I didn’t expect them to rise so quickly ... the price now is too high to find a place.”The recovery has been powered not only by local buyers returning after years of falling prices, but also by new sources of demand, including a surge in student rental demand and mainland buyers or investors returning to the market.Together, those buyers with stronger purchasing power have pushed prices higher much faster than many prospective homeowners expected.