Purchase applications for existing home sales have exhibited 22 weeks of year-over-year growth, with nine consecutive weeks of double-digit increases. Despite the significant data, confusion surrounding it has resulted in neglect. Trends in purchase applications typically predict existing home sales, but to establish real growth, double-digit increases need to be sustained for several months. Recent mortgage rate declines and an increase in new listings could further influence the market as 2024 benchmarks were low, yet growth must be confirmed by pending sales data to ensure momentum.
The existing home sales market has shown 22 weeks of year-over-year growth in purchase apps, including nine consecutive weeks of double-digit growth.
Purchase applications are now comparable to levels seen in 2014, when existing home sales were around 4.75 million, though not indicating a return to those levels just yet.
For significant growth in purchase applications, double-digit increases must be sustained for several months and confirmed by pending sales data.
Mortgage rates have generally declined this year, and the number of new home listings has increased compared to previous years.
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