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“The sudden surge in mortgage rates led to a sudden and significant cooldown in the housing market in May,” said Chen Zhao, Redfin’s economics research lead. “However, mortgage rates are now stabilizing and homes remain in short supply, so while we do expect home price growth rates to decline, we don’t expect prices to fall much at the national level.
Mortgage purchase applications were down 14% from a year earlier, while the seasonally-adjusted index was down 1% week over week during the week ending May 27.Key housing market takeaways for 400+ metro areasThe median asking price of newly listed homes increased 17% year over year to $412,450.
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