Fueled by the high cost of homeownership, asking rents are on the rise, as a shrinking supply of apartments coincides with growing renter demand.
“You can’t solve affordability by adding units in the wrong places,” said Cristian deRitis, Deputy Chief Economist at Moody’s Analytics. “Looking at the census tract level reveals how local mismatches between supply and demand are distorting the broader housing market.
Overall mortgage volume rose nearly 11% week-over-week, spurred by a slide in mortgage rates pushing refinance activity to levels last seen in April, and adjustable-rate mortgage activity to highs last reported in 2022.
Redfin has reported the average U.S. buyer’s agent commission jumped in Q2 year-over-year, reflecting the third consecutive quarter in which commissions increased after new National Association of Realtors (NAR) commission rules went into effect in last August.
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