The median U.S. housing payment has decreased to $2,588, nearly $250 below its peak in April, as mortgage rates decline. Despite a slight increase in buyer interest, pending home sales fell 5% year over year. Inventory is up nearly 20%, and fewer homes are selling above list price. However, high home prices and economic uncertainty are keeping many buyers on the sidelines. Mortgage-purchase applications have risen 3% week over week, indicating some renewed interest in homebuying.
Continue to full article