In April, 5.8% of US home listings were delisted, tying a high not seen since March 2020. This surge, driven by higher mortgage rates and economic pressures, is particularly pronounced in cities like Atlanta and San Jose, signaling a shift in market power from sellers to buyers.
Mortgage rates climbed Wednesday following a hot inflation report (PPI), adding to recent surges driven by war concerns. This impacts the spring housing market, which was showing signs of recovery despite still-limited inventory and cooling price growth.
Mortgage rates increased to 6.37% for 30-year fixed loans, causing refinance applications to fall 4% while purchase applications rose 1% week-over-week. Despite the rate climb, homebuyers are showing renewed interest ahead of spring, with purchase applications up 21% year-over-year. The MBA notes consumers appear to be moving forward despite geopolitical uncertainties related to the war with Iran.
