Purchase

JA wave of new homebuyers from the northeast and other parts of the country flooded the Hilton Head, S.C., real estate market over the past few weeks.

Buying power for many consumers is hampered and some originators said that affects their ability to serve consumers.

The coronavirus lockdown walloped California house sales in May, resulting in a 41.4% drop in transactions from the previous year, the California Association of Realtors reported.

House listings in the Twin Cities metro during May were down nearly 25% compared with last year.

Potential sales last month rose compared with April as homes became more affordable due to low mortgage rates.

Prices have continued to rise, although the pandemic closures have slowed that down: The region's median sales price last month was $257,048, up 1.6% from May 2019, according to Georgia MLS.

Mortgage rates fell 8 basis points this week to a new low as the economy remains shaky and there are new flare ups of the coronavirus, according to Freddie Mac.

The coronavirus put a dent in May's home sales and inventory, but some indicators offer hope for a turnaround on the horizon.

The number of existing, single-family home sales that closed last month fell 51.1% compared with the same month last year and the median price dropped 2.5%, according to the California Association of Realtors.

Purchase mortgage application volume was at its most in over a decade as consumer confidence continued to improve in the aftermath of the coronavirus shutdown, according to the Mortgage Bankers Association.