The housing market showed favorable trends for buyers leading up to Independence Day, with increased new listings and longer time on the market. The week ending June 28 saw a rise in active inventory, with homes available for sale increasing annually. Mortgage rates dropped to 6.67%, prompting a 16% increase in mortgage purchase applications compared to last year. Despite affordability challenges, more options for buyers emerged, even as listing growth rates slowed. Homes spent an average of 54 days on the market, indicating a shift toward a more buyer-friendly landscape.
The housing market continued trending more in favor of buyers in the week ahead of Independence Day, drawing more prospective homebuyers into the market.
Mortgage rates have eased lower for five straight weeks, dropping to 6.67% as of Thursday, according to Freddie Mac.
New listings rose again last week on an annual basis, up 3.8% compared with the same period last year.
The uptick in new listings is a welcome sign for buyers, who are poised to gain some negotiating power moving into the summer months.
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