Migration

According to a new report from Redfin, near-7% mortgage rates continue to prevent both would-be homebuyers and potential home sellers from entering the market, despite the construction of new single-family homes nearing their highest level in almost 20 years.

A new study from WalletHub revealed which cities throughout the nation are ranked the best and worst places to raise a family, with half of the top 10 best areas located in California, while Midwestern cities like Detroit and Cleveland came in last.

According to the First American Potential Home Sales Model, housing market potential increased slightly in May, down 5.7% compared to a year ago, and remains squeezed by the ongoing housing supply shortage.

“Applications for purchase loans were up on a monthly basis and increased annually for the fourth consecutive month," said Joel Kan, MBA’s VP and Deputy Chief Economist. "Our estimate of new home sales also jumped in May, up 16% to the fastest pace of new home sales in 15 months.”

The Housing Choice Voucher homeownership program could help reduce the racial homeownership gap in the U.S., allowing households with a voucher to use it for mortgage payments rather than rent, advancing homeownership opportunities for Black non-Hispanic households.

According to RentCafe's June Rental Activity Report, the top four most popular cities for renters are located in the Midwest, while Kansas City, Missouri, was named the most sought-after city by renters nationwide.

"Lack of inventory remains the biggest challenge for homebuyers," said Nick Bailey, RE/MAX President and CEO. "With the vast majority of homeowners having a mortgage rate under 5%, we're not seeing as much move-up activity as usual."

The U.S. Department of Housing and Urban Development announced the pending publication of the Final Inspection Standards Notice, which will align and consolidate inspection requirements in assisted and insured housing.

Pending home sales are down nearly 20%, representing the biggest decline in over four months, but people are still showing interest in homebuying despite the total number of U.S. homes for sale declining 6% from last June.

Homeowners holding onto mortgage rates below 6% are fueling a nationwide shortage of new listings, as a new report from Redfin revealed more sellers are staying put due to increasing rates and high home prices.