Tag Archives: Newly-built homes

Despite the fixed-rate mortgage dipping slightly over last week, rates still linger nearly 30 basis points higher than they were a month ago. The MBA reports purchase apps have dropped to their lowest levels since 1995, and refi apps to points last found in January 2023.

Overall housing inventory dropped 15% year-over-year in June, remaining at an all-time low. A new market report from Redfin revealed that homebuyers are turning to new builds as many homeowners continue clinging to their low existing mortgage rates, contributing to the ongoing lack of supply.

According to the latest Redfin analysis, a surge in construction during the pandemic boom resulted in nationwide inventory growth, as the share of single-family homes is up 25% from Q3 of 2021.