According to the California Association of Realtors, a surge in mortgage interest rates suppressed California home sales in April 2023, while the statewide median home price climbed above the $800,000 level for the first time in six months.
According to the Mortgage Bankers Association's latest Weekly Mortgage Applications Survey for the week ending June 2, 2023, U.S. mortgage applications decreased 1.4 percent from one week earlier. This week's results include an adjustment for the Memorial Day holiday.
According to Las Vegas Realtors, fewer homes are changing hands as compared to the same time last year. LVR reported a total of 3,000 existing local homes, condos and townhomes sold in May 2023. Compared to May 2022, sales were down 20.3% for homes and down 19.6% for condos and townhomes.
Based on Freddie Mac's latest Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 6.79 percent as of June 1, 2023.
National property broker Redfin reports this week that real estate investors purchased 48.6% fewer homes in the first quarter of 2023 than they did a year earlier as elevated interest rates along with declining rents and housing values ate into potential profits.