The WPJ

Atlantic City

Mortgage Applications Dip in Late July

According to data from the Mortgage Bankers Association's latest Weekly Mortgage Applications Survey for the week ending July 28, 2023, U.S. mortgage applications decreased 3.0 percent from one week earlier.

U.S. Home Sales Down 23 Percent in First Half of 2023 Says NAR

According to the National Association of Realtors, existing U.S. home sales dipped month over month in June 2023. Home sales varied among the four major U.S. regions, with the Northeast experiencing gains, the Midwest holding steady, and the South and West posting decreases. All four regions recorded year-over-year sales declines.

Many Would Be U.S. Home Sellers Staying Put From High Mortgage Rates

According to Redfin, more than nine of every 10 (91.8%) U.S. homeowners with mortgages have an interest rate below 6%. That is down just slightly from the record high of 92.9% hit in mid-2022.

Home Asking Rents Dip in the West, Yet Rise in Eastern U.S.

According to Redfin, the median U.S. asking rent fell 0.6% year over year to $1,995 in May 2023 -- the largest annual rent decline since March 2020. That compares with a near-record 16.5% increase one year earlier. May's drop also represented the first annual decline since March 2020 on a revised basis. The median asking rent rose 1.4% from a month earlier in May.

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