The high number of home sales both above and below the list price in May, combined with rising mortgage rates and prices, was a sign buyers are near affordability limits, Redfin said.
Though mortgage originations were down overall in the first quarter, home equity lines of credit spiked on higher home prices, according to Attom Data Solutions.
Mortgage applications fell 1.5% from the previous week, as rising interest rates ended a brief pickup in activity, the Mortgage Bankers Association reported.
The net share of government and agency mortgage lenders who found spring homebuyer demand to be strong enough to drive purchase loan growth is considerably lower than three years ago.
Oahu housing prices moved up slightly in May but sales continued to lag during the spring homebuying season amid concerns that rising interest rates may be starting to have a dampening effect.
After eight consecutive weeks of decreases, mortgage applications increased by 4.1% last week as key interest rates dropped sharply, according to the Mortgage Bankers Association.
Contract signings to purchase previously owned U.S. homes unexpectedly declined in April, underscoring the housing market's challenge centered around a persistent inventory shortage.
Mortgage applications decreased 2.9%, falling for the eighth consecutive week even as interest rates came down from their recent highs, according to the Mortgage Bankers Association.
