Existing home sales from May to June increased dramatically, but not so much for year-over-year sales. There was still a 11.3% decrease in existing home sales, according to HousingWire. Could existing home sales see a year-over-year increase? Purchase applications have experienced a large year-over-year growth, and if those numbers continue, there is a high chance for existing home sales to prevail. Lead analyst at HousingWire, Logan Mohtashami, says the best monthly sales in the past 12 years have come in the wintertime. Read more to see what the analyst says about purchase applications and home prices.
This week’s Mortgage Banking Association purchase application data showed 19% year-over-year growth.
This continues the upward trend of the last four weeks, which had year-over-year growth of +19% +16% +33% +15%. Purchase application data has had a quintessential V-shaped recovery. If purchase applications stay flat to positive, year over year, we will maintain the recovery gains.
Advertisement
Related Stories
Housing Markets
4 Cities Where Housing Inventory Now Exceeds Pre-Pandemic Levels
San Antonio leads with the greatest surge in the number of homes available post-pandemic
Remodeling
Aging in Place: My Aunt Nancy’s New ADU
An apartment addition for an accessory dwelling unit to allow a family member to age in place presents several challenges and lessons learned for both the homeowners and contractor alike
Housing Markets
Average Homebuyer Income Increased Considerably in 'Pandemic Boomtowns'
Remote workers moving to Boise, for example, have raised the average annual income of homebuyers by 24%, to $98,000