1. Mortgage demand dropped for a 4th straight week. Mortgage demand hits a 22-year low on high rates and inflation concerns. Prices, rates, the stock market and inflation continue to strain the current the real estate market.
2. Homebuilders are boosting incentives as they suddenly struggle to sell homes. After two years of not being able to build homes fast enough to keep up with demand, the nation’s homebuilders are now experiencing a slowdown in sales and an increase in supply. In addition, significant segments of the home buying population are still priced out of the market.
3. Home sales fall 5.4% from June, as prices set yet another record! This is the slowest sales pace since the same month in 2020, when sales dropped very briefly at the start of the Covid pandemic.