In the four weeks ending April 28, none of the 50 most populous U.S. metro areas experienced a decline in the median home price. In the four weeks ending May 5, the median home price fell only in San Antonio, Texas.
Increase in home prices doesn't guarantee a stable residential market. Demand and purchase applications, despite a mortgage rate dip, remain low year over year due to limited inventory.
Recent data shows mortgage purchase applications, particularly for homes over $1 million, are growing after a slight decrease in April, with a 2% rise overall.
Redfin Homebuyer Demand Index is at a two-month low, down 13% compared to the previous year. ShowingTime reports a drop in touring activity in the housing market.
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