Home-purchase applications fell more than 4% last week due to a lack of housing supply, according to a new survey from the Mortgage Bankers Association.
National Association of Home Builders CEO Jerry Howard surveys the state of the housing market as the U.S. economy continues to grapple with inflation on ‘Varney & Co.’
A key measure of home-purchase applications fell last week for the first time in a month as potential buyers struggled to find listings on the market amid a lack of supply. tumbled 4.1% last week compared with the previous week, according to new data published on Wednesday. Demand remains 35% lower than the same time one year ago.
"Spring has arrived, but the housing market is missing the customary burst in listings and purchase activity that typically mark the season," said Mike Fratantoni, MBA’s chief economist. "After four weeks of increasing purchase application activity, volume declined a bit this week even with another small drop in mortgage rates."Homebuyers are having difficulties finding properties, with new listings down 20% in March compared with last year, according to Realtor.com.
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