Demand for housing is showing signs of life following the Federal Reserve's half-point interest rate cut, with mortgage rate locks rising 68% this week.
Redfin's homebuyer demand index has reached its highest level since May, indicating a rebound in home tours and agent services after the interest rate cut.
The recent interest rate cut has encouraged previously hesitant buyers to engage in the housing market, even as existing-home sales remain down 4.2%.
According to Attom, homeownership costs now consume a smaller share of average national wages, signaling improved housing affordability amid falling mortgage payments.
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