AUGUST 21, 2025, EDITION

The median monthly payment of applicants for purchase mortgages fell in June, showing affordability is improving. This has spurred buyers, with purchase mortgage applications now 17% higher than a year ago.

According to Google Trends, searches for “home for sale” and “homes for sale” have trended up this year, hitting a two-year high in mid-July. This is another strong sign that home buying interest continues to grow.

The National Association of Realtors found home price growth is slowing. Prices from April through June grew at half the rate of January through March, with fewer metros reporting price gains, and more posting price declines.

The National Association of Home Builders reports that, nationally, pre-owned single-family homes are now more expensive than new ones. Tight pre-owned inventory and more new home supply have reversed the historic norm.

Nationally, new builds now are also more affordable than pre-owned homes on a price-per-square-foot basis—about $218 per square foot versus about $227 for pre-owned, according to Realtor.com.

From April through June this year, almost half of all mortgaged homes were equity-rich.  Equity-rich properties are those whose mortgage balances are half, or less than half, of their estimated market value.

DID YOU KNOW?… Realtor.com reported the number of homes in June with asking prices of $1 was 24% higher than a year ago, noting the number “has climbed…as sellers look for creative ways to draw buyer attention.”

In Freddie Mac’s latest Mortgage Market Survey, the national average 30-year fixed mortgage rate fell for the fourth straight week, to the lowest level since October. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information. 

Even if you’re not ready to buy right away, start preparing for it today. Take small steps now—such as checking your credit score and setting up a home savings account. These moves can make a big difference when it’s time to begin the homebuying process in earnest by applying for a mortgage.

The #1 reason deals fall apart is because of a problem uncovered in the home inspection. The way to get ahead of these unfortunate surprises is to get a pre-listing inspection. It gives you time to fix things that matter, avoids last-minute negotiations, and shows buyers you’re ready to transact.