The housing market may be finally slowing down, according to new data from Redfin.
Redfin is reporting a four-week decline in pending sales and a drop in its demand index, which is down 12% from its late-March peak. Still, pending home sales were up 29% year over year. But seasonally adjusted pending sales are down 9.7% from their peak four weeks ago, which Redfin attributes to people opting to pause their home search and take advantage of the holiday weekend.
Mortgage purchase applications have been falling since late March, according to Redfin. They increased 0.3% week over week (seasonally adjusted) during the week ending June 4. Despite low mortgage rates and easing access to credit, they are now 7% below their average levels in January and February 2020.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
