Housing markets

Prospective borrowers are flocking to newly built properties as current homeowners shy away from listings due to high mortgage rates.

Applications to build increased, suggesting residential construction is on track to help fuel economic growth.

Alimited supply of existing homes continued to spark interest in new construction, the National Association of Home Builders found.

The number of new listings coming to market in recent weeks fell by over 23% annually, with Western cities seeing the largest rates of decrease, according to Redfin.

The uptick occurred as conforming rates pulled back for the second week in a row, coming in below the jumbo average according to the Mortgage Bankers Association.

Many of the homes being offered for sale are part of a portfolio acquired from Pretium Partners in late 2021, according to people familiar with the matter.

While paying off existing loans is their most immediate priority, buying a house is the No. 1 aim within five-to-10 years, a FinLocker survey found.

Republican-led bills seeking to reverse adjustments to mortgage fees and a bipartisan bill aiming to reinstate tax deductions on mortgage insurance stand to change operations for lenders if they pass.

The property was previously shopped as the Romanov Estate in 2021 and marketed at $60 million in 2022 by Icon Global, but it wasn't officially listed.

Volume was lackluster on account of elevated rates and low inventory, Black Knight's report said.