Housing inventory ticks higher in major metros, existing home sales post modest gains, and builder activity accelerates. This week's report covers national trends, state highlights, and regional comparisons.
National Housing Market Overview
Active listings rose year-over-year in 14 of the top 25 metropolitan markets, marking the first sustained inventory improvement in months. The median existing-home price remained essentially flat compared to the same period last year, indicating moderating price growth.
State Market Highlights
Florida, Texas, and North Carolina continue to lead in new listing activity. Indiana reported a 4.8% year-over-year price increase, outpacing the national average. California inventory improved modestly but remains tight by historical standards.
Mortgage Application Trends
Purchase mortgage applications edged higher week-over-week, while refinance activity remained subdued. The refinance share of total applications held near multi-year lows given the current rate environment.
Regional Market Comparison
Sun Belt markets continue to see stronger inventory growth and price moderation compared to Northeast and Midwest markets, where inventory constraints persist. The West Coast showed signs of buyer re-engagement as price reductions increased.
Upcoming Economic Announcements
The Federal Reserve's next FOMC meeting, CPI data, and employment reports will be key data points for mortgage rate direction in the coming week.