The refinance share of mortgage activity increased to 59.8% of total applications from 48.8% the previous week.
The CAC will meet on Thursday, Sept. 25 at the Yonkers Riverfront Library at 10 a.m., where it will likely vote on whether to approve or disapprove the MGM Empire City plan.
The 20 NAR members selected will participate in a diverse range of educational experiences as they join a nationwide community of volunteer leaders.
Even with modest improvements in mortgage rates, housing affordability, and inventory, buyers still remain hesitant.
WASHINGTON—Pending home sales decreased by 0.4% in July from the prior month and rose 0.7% year-over-year, according to the National Association of Realtors Pending Home Sales Report released today (Aug. 28).
Pending sales declined month-over-month in the Northeast and Midwest, held essentially flat in the South, and rose in the West. Year-over-year, sales decreased in the Northeast and West but increased in the Midwest and South. July’s Realtors Confidence Index survey showed that 16% of NAR members expect an increase in buyer traffic over the next three months, unchanged from one year ago. Meanwhile, 21% expect an increase in seller traffic, up from 17% in July 2024.
“Even with modest improvements in mortgage rates, housing affordability, and inventory, buyers still remain hesitant,” said NAR Chief Economist Lawrence Yun. “Buying a home is often the most expensive purchase people will make in their lives. This means that going under contract is not a decision homebuyers make quickly. Instead, people take their time to ensure the timing and home are right for them.”
Yun added: “Rising mortgage applications for home purchase are an early indicator of more serious buyers in the marketplace, though many have not yet committed to a pending contract. The Federal Reserve signaling that they may enact a lower interest rate policy should steadily enlarge the pool of eligible homebuyers in the upcoming months.”
Northeast
Midwest
South
West
The refinance share of mortgage activity increased to 59.8% of total applications from 48.8% the previous week.
The CAC will meet on Thursday, Sept. 25 at the Yonkers Riverfront Library at 10 a.m., where it will likely vote on whether to approve or disapprove the MGM Empire City plan.
The 20 NAR members selected will participate in a diverse range of educational experiences as they join a nationwide community of volunteer leaders.
The New York market’s buying premium was 117% with a new mortgage payment of $7,888 versus the multifamily effective rent of $3,639 as of the second quarter of this year.
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