Mortgage applications for new home purchases fell for the second straight month amid tight inventories and sharply rising prices, the Mortgage Bankers Association reported Thursday.
The Federal Reserve isn’t raising interest rates anytime soon, but it did suggest Wednesday that the timetable for increases could begin sooner in 2023 if economic growth and inflation continue to rise faster than expected.
Households that weathered the pandemic without financial distress are “snapping up” the limited supply of homes for sale, pushing up prices and excluding less-affluent buyers from homeownership, the Joint Center for Housing Studies at Harvard University reported Wednesday.
One step back; one step forward. Housing starts have alternated between up and down during 2021, and in keeping with the pattern, improved in May after declining in April, HUD and the Census Bureau reported Wednesday.
Redfin, Seattle, said 70.4% of home offers written by Redfin agents faced competition in May, down from 73.6% in April, but still up significantly from 52.7% a year ago.