Homebuyers cause a jump in new mortgage applications as more home finally hit the market. Home prices of existing homes have hit all time highs! And the most new homes in a decade were completed in May, but is it enough?
After falling for two straight weeks, mortgage application volume rose 2.5 percent last week, seasonally adjusted, compared with the previous week. The increase was driven entirely by purchase applications.
It’s getting ever more expensive to buy a home, as the median price of an existing home has hit a new all-time high—and is likely to keep rising.
More newly constructed homes are hitting the market—welcome news for home buyers frustrated by the ever-worsening lack of abodes for sale. But are they enough to ease the housing crunch?