09/07/2022
Leading indicators of homebuying activity:
-For the week ending September 1, 30-year mortgage rates rose to 5.66%. That’s down from a 2022 high of 5.81% but up from 3.22% at the start of the year.
-Fewer people searched for “homes for sale” on Google. Searches during the week ending August 27 were down 26% from a year earlier.
-The seasonally adjusted Redfin Homebuyer Demand Index—a measure of requests for home tours and other home-buying services from Redfin agents—was up 15% from the 2022 low in June during the week ending August 28, but was down 16% year over year.
-Touring activity as of August 28 was down 9% from the start of the year, compared to a 11% increase at the same time last year, according to home tour technology company ShowingTime.
-Mortgage purchase applications were down 2% week over week, seasonally adjusted, and were down 23% from a year earlier during the week ending August 26.
