There are a couple signs emerging that homebuyers are finally getting fed up with the high prices and low supply plaguing the market.
Mortgage applications dropped 4% last week from the previous week, according to the Mortgage Bankers Association (MBA). Applications fell for the second week in a row and dropped to the lowest level since early 2020.
"Tight housing inventory, obstacles to a faster rate of new construction, and rapidly rising home prices continue to hold back purchase activity," MBA economist Joel Kan said in a release.
In addition to falling mortgage application demand, pending home sales are also dropping. These sales fell 4.4% in April compared to the previous month.
Next week, the May report on the DC-area housing market will come out, so it will be interesting to see if these trends are also being see in the region.
This article originally published at https://dc.urbanturf.com/articles/blog/a-cool-down-coming-mortgage-demand-drops-for-second-week/18336.
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