US Housing Listings Fall 1.3% as 6.66% Mortgage Rates Sap Buyer Confidence

3 articles · Updated · tricitiesbusinessnews.com · Jun 15

New US home listings fell 1.3% week over week as of June 4, while pending sales slipped for a third straight week and mortgage-purchase applications hit their lowest level in more than a month.
A 6.66% national average mortgage rate on June 5—the highest since last August—combined with weak consumer confidence, high food and gas costs, inflation fears and US military action in Iran to make buyers more cautious.
In Washington's Mid-Columbia, the slowdown is uneven: single-family permits are up 31% from a year earlier, inventory has climbed back above 1,000 listings and nearly 1,100 homes sold in the first four months, up 9%.
Prices are still holding high there, with four straight months above $440,000, but homes above $500,000 are taking longer to sell and requiring bigger discounts, signaling strain beneath the surface.
Builders and local officials are leaning more on townhomes and multifamily projects to address affordability, even as broader economic uncertainty threatens to curb both construction and demand.