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A new ATTOM report revealed median home values increased from Q1 to Q2, as Opportunity Zones around the country have rebounded after a period of strong decline, showing more signs of housing market strength.

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.

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.

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"Property taxes continued their never-ending climb last year, with wide disparities continuing from one area of the country to another, connected to varying costs, services, and tax bases," said Rob Barber, CEO at ATTOM.

Continued low mortgage rates have not equated into a strong start to the spring homebuying season, as the MBA reports a decline in overall application volume after four consecutive weeks of increases.

Rental returns experienced a significant increase from 2022 in roughly 90% of counties analyzed in ATTOM's latest Q1 2023 Single-Family Rental Market report, reversing years of decline and narrowing down the best counties for single-family rentals in 2023.

"With the U.S. housing market cooling off considerably since the middle of last year, some areas of the country continue to show signs of being more at risk of a larger downturn than others,” said Rob Barber, CEO at ATTOM.

According to a new ATTOM report, mortgage lending declined to its lowest point in nearly nine years in Q4 2022, while purchase loans decreased an estimated 26%.

“Now that home prices have plateaued and even declined in some markets, buyers are faced with mortgage rates that have doubled, making home purchases even less affordable,” said Rick Sharga, EVP of Market Intelligence at ATTOM.