Daily Dose

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.

Following three quarters of decline, ATTOM reports that home investment returns rose in Q2, led by a springtime surge in buyer demand, pushing seller profits back up to nearly their highest level recorded in the past decade.

“Even though buyers are trepidatious about high mortgage rates, we’re seeing bidding wars in several pockets of the market because there are so few options and even fewer good options,” said Redfin Premier Agent Jordan Hammond.

The MBA reports that new home purchase mortgage applications in June rose 26.1% year-over-year, despite mortgage rates nearing the 7% mark.

According to First American’s Potential Home Sales Model, the nationwide sales pace will begin to settle into a new normal, as potential existing-home sales decreased in June, suggesting they may have hit bottom.

“While permits, a leading indicator of future starts, ticked up 2.2% month over month, the pace of construction slowed as single-family housing starts were down 7.0% month over month, meaning less groundbreaking on new homes, and single-family completions were down 2.8% month-over-month, meaning less supply was added to the housing stock,” said First American Deputy Chief Economist Odeta Kushi.

As markets responded positively to data showing that U.S. inflation continues to cool, the MBA reports that mortgage application volume rose week-over-week, with refi apps increasing more than 7%.

The Biden Administration and HUD announced they will increase the transparency of housing fees, and released new research that summarizes state and local innovation to address junk fees nationwide.

Former Goldman Sachs executive to be responsible for managing all of Angel Oak’s legal affairs and regulatory compliance measures.

Redfin reports that just 11 of every 1,000 two-and three-bedroom urban homes have changed hands so far in 2023, as options for prospective buyers continue to dry up.