July 24 - Weekly Newsletter Highlights

Mortgage Activity and Listings
* Mortgage Rates dropped to their lowest level since February. Currently at 6.87%
* Decline in pending home sales, the largest in eight months.
* New Listings: Increased by 6.4% year-over-year.
* Buyer Behavior: Some buyers are waiting for further rate cuts, but experts suggest now might be the right time to buy.

Mortgage Applications:
* Increased by 3.9% for the week ending July 12.
* Average 30-year conforming loan rate fell to 7.04%.
* Purchase applications decreased by 3% week-over-week and 14% year-over-year.

Multifamily Construction and Market Update
* Construction Activity: Multifamily construction permits have risen significantly.

Multifamily Completions:
* Increased by 40.2% in June.
* Strong demand in Q2 2024, absorbing 138,000 units.
* Vacancies at their lowest since mid-2021.
* Multifamily CMBS Delinquency Rates: Increased by 2% in June.
* Distressed multifamily properties saw a 35% decline in valuations.

Local News Highlights
* Texas Housing Market: Housing inventory up by 40.8% in Q2 2024.
* Median home prices remained flat at $345,000.
* Variations across major metro areas like Dallas, Houston, and San Antonio.

Rental Market:
* Median rent in the 50 largest metros was $1,743 in June.
* Significant rent increases in cities like Indianapolis, Milwaukee, and Minneapolis.
* Office-to-Residential Conversions in Seattle: New law encourages conversions to address housing shortages.

Top Cities for Renters:
* Charleston, S.C. tops the list for best city for renters.
* Atlanta and Scottsdale also rank high for job opportunities and quality of life.
* Millennial Homebuyers:
* Raleigh and Nashville are millennial homebuyer hot spots.

This data has been curated from multiple different sources. The goal is by reading these updates you can keep up with what is happening in the market.