Tag Archives: Realtor.com

While rents for one-bedroom units experienced their first year-over-year decline since 2020, prices remain 24.1% higher than 2019. However, Realtor.com’s June 2023 Rental Report predicts slowing inflation throughout the remainder of the year and continued financial relief for renters' budgets.

A slowdown in inflation caused the 30-year, fixed-rate mortgage to take an 18-basis point week-over-week plunge after nearly crossing the 7%-mark the week prior.

A new report from NAR shows existing-home sales dipped 3.3% from May, while the median existing-home price for all housing types reached its second-highest mark of all time in June.

Nearing levels last recorded in November 2022, Freddie Mac reports the fixed-rate mortgage rose 15 basis points week-over-week and edged closer to the 7%-mark.

“This upward trend is being driven by a resilient economy, persistent inflation, and a more hawkish tone from the Federal Reserve,” said Freddie Mac Chief Economist Sam Khater.

As the fixed-rate mortgage edges closer to 7% and still over a percentage point higher year-over-year, the MBA reports that overall mortgage application volume fell to its lowest level in a month.

After a three-week slide, Freddie Mac reports the fixed-rate mortgage rose four basis points week-over-week, and despite affordability headwinds, buyers have driven new home sales to levels seen in more than 12 months.

Annually, new listings of homes for sale dropped nearly 26%, falling below their previous pandemic lows, according to Realtor.com.

"High inflation and the Fed's actions to curb it have had a significant impact on the housing market this year. And while inflation has begun to ease, the sustained spike in mortgage rates was enough to stifle the housing market after several years of low rates and strong activity," said Realtor.com Chief Economist Danielle Hale.

Even as mortgage rates fall, continued inventory concerns and affordability issues are keeping many on the sidelines as the summer buying season gets underway.