Volumes

In addition, although the Case-Shiller Index fell by 0.5% year-over-year, CoreLogic’s Chief Economist Dr. Selma Hepp noted that "while the annual decline reflects price drops that occurred in 2022, recent above-average price gains indicate an inflection ahead.”

States including Florida, Texas, and Arizona exploded in popularity despite increasing climate change risk from storms, drought, wildfires, and extreme heat—but some insurance companies are pulling out of these markets.

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.

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.

“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%.

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.

The Harvard Joint Center for Housing Studies has issued its State of the Nation's Housing report, underscoring how the U.S. is dealing with sustainability issues faced in today’s marketplace.

“Homebuyer demand has bottomed out,” Redfin Chief Economist Daryl Fairweather said. “High rates are still giving a lot of buyers pause, but the sticker shock is no longer as severe as it was when rates skyrocketed last year.

Occupying nine of the top 10 spots of the nation’s most expensive housing markets, the Golden State led the way in a CoreLogic study, driven by tech hubs, outdoor amenities, weather, and a strong economy.