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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.

“Even though buyers are trepidatious about high mortgage rates, we’re seeing bidding wars in several pockets of the market because there are so few options and even fewer good options,” said Redfin Premier Agent Jordan Hammond.

The MBA reports that new home purchase mortgage applications in June rose 26.1% year-over-year, despite mortgage rates nearing the 7% mark.

“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.

Even in light of recent market turmoil, the vast majority of Americans believe that owning a home is a greater achievement than raising a family, getting a college degree, or having a career.