The summer housing market kicked off post-Memorial Day with a notable increase in for-sale inventory, reaching levels not seen since before the pandemic. Regions like the West and South reported lifts in listings, making it more favorable for buyers. The number of homes for sale showed consistent growth year on year, despite a flat median list price. However, rising mortgage rates continue to challenge affordability, leading to a decrease in mortgage applications. Overall, the market indicates a gradual easing from pandemic-level frenzies, with homes remaining on the market longer.
Memorial Day marked the unofficial start to summer, and ushered in the summer housing market. New listings grew at a slightly slower pace annually compared with previous weeks.
International buyers are noticing and shopping in markets with ample supply, including Texas, where they're drawn by the low cost of living and booming business industry.
Market pace continues to ease annually, with the typical home spending five more days on the market compared with last year.
Affordability remains a challenge as elevated mortgage rates and rising home prices put additional pressure on buyers.
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