"The national numbers still point to a market that is holding, but the underlying signals are beginning to change. Pending sales dipped year over year, purchase application growth slowed to 1%, and relist rates are rising across key metros."
"What matters now is not just where demand is slowing, but where it is still converting efficiently versus where friction is building between contract and close."
"Higher mortgage rates are beginning to weigh on housing activity, but the impact is not showing up evenly across the country."
"The Northeast continues to post some of the strongest demand metrics in the country despite elevated home prices."
The housing market appears stable with an inventory of 723,460 single-family homes and a 34.44% price cut rate. However, regional performance is diverging, impacting deal closures. Weekly pending sales decreased to 70,676, and purchase application growth slowed to 1% year over year. While total pending sales remain higher than last year, the gap between activity and execution is widening. Higher mortgage rates, currently at 6.45%, are affecting housing activity unevenly across the country, with the Northeast showing strong demand despite high prices.
Read at www.housingwire.com
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