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Early Stage Demand Picks Up as Mortgage Rates Fall to a Four-Month Low

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“Redfin’s Homebuyer Demand Index—a measure of requests for home tours and other home-buying services from Redfin agents—rose 7 points during the last week of July, and mortgage purchase applications rose for the first time in five weeks.

So far this rebound has not moved through to actual home sales. Pending sales in July posted their largest decline since May 2020. Home sellers are also reluctant to enter the market—new listings fell 11% from a year ago, the largest decline since June 2020.”

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