Weekly Housing Headlines

The housing market remained stable this week, although affordability remains a problem; mortgage applications decreased; existing home sales slipped 5.4 percent; housing inventory continues to grow, although nearly two-thirds of homes on the market had been listed for at least 30 days without going under contract; 56,000 home purchases were canceled last month and home price growth is slowing but expected to moderate.

Weekly Housing Trends View — Data for Week Ending July 20, 2024
Realtor.com - 7/25/2024
The housing market has been stable in recent weeks, with pricing flat, listings increasing and longer time on market. However, affordability continues to pose challenges to home buyers, leading existing-home sales to slip in June.

Mortgage Applications Decrease in Latest MBA Weekly Survey
Mortgage Bankers Association - 7/24/2024
Mortgage applications decreased 2.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Applications Survey for the week ending July 19, 2024.

Existing-Home Sales Slipped 5.4% in June; Median Sales Price Jumps to Record High of $426,900
National Association of Realtors - 7/23/2024
Existing-home sales fell in June as the median sales price climbed to the highest price ever recorded for the second consecutive month, according to the National Association of Realtors.

New home sales dip in June; Buyers wait for lower rates
Realtor.com - 7/24/2024
New home sales dipped 0.6% lower in June, dropping from May’s upwardly revised rate to 617,000 annual new home sales.

Report: Houses Gathering Dust On Market As Unsold Inventory Grows
MortgagePoint - 7/24/2024
Nearly two-thirds (64.7%) of homes on the market in June had been listed for at least 30 days without going under contract, according to a new report from Redfin.

Mortgage Application Payments Decreased 2.4 Percent to $2,167 in June
Mortgage Bankers Association - 7/25/2024
Homebuyer affordability conditions improved for the second straight month as declining mortgage rates continue to increase purchasing power and is enticing some borrowers back into the housing market.

Home Price Growth Expected To Moderate
National Mortgage Professional - 7/23/2024
Fannie Mae and Redfin both forecast home price growth slowing in latest reports.

Home Deals Fell Apart At A Record Rate For June, Redfin Says
Financial Advisor - 7/23/2024
Nearly 56,000 home purchases were canceled last month, equal to about 15% of all homes that went under contract that month, Redfin Corp. reported Tuesday.

The worst may be over for homebuyers
CNN Business - 7/23/2024
Americans have been feeling overwhelmingly dejected about their prospects of buying a home. But there are now signs that maybe, just maybe, the worst could be over for homebuyers.

Some renters may be ‘mortgage-ready’ and not know it. Here’s how to tell
CNBC - 7/18/2024
Millions of renter households in 2022 would have been able to buy a house that year, according to a new analysis by Zillow.