There has been an uptick in mortgage applications despite recent high rates. Refinance and home purchase applications saw a 2.3% increase for the week ending August 25, reports the Mortgage Bankers Association. On top of that we have seen rates drop slightly the past two weeks. That is good news but there are still few homes for sale which is keeping prices high. Fewer sellers are listing their homes since many have low mortgage rates they’re reluctant to give up—thus locking sellers into their homes and locking buyers out. As a result, overall inventory (of both new and old listings) has also declined, lagging behind year-ago levels by 5.2 percent. According to Realtor.com, the number of new listings nationally was down 8.5 percent over a year ago for the week ending September 2. For a great overview of the current market and rate predictions read this Realtor.com article. (I sat down to write an article exactly like that one and was thrilled to find it had already been done!)
Manufactured Homes?