Despite the decrease in borrowing costs, the Mortgage Bankers Association’s Market Composite Index showed a decrease in mortgage applications in the week ended Aug. 29. 

Despite a slowdown in single-family construction activity, newly built homes are becoming increasingly accessible to American buyers, in terms of both availability and affordability. According to data from the New-Construction Insights report released by Realtor.com, in the second quarter

Signed contracts declined despite lower interest rates and improved affordability and inventory, the National Association of REALTORS® said.   

The pace of home-price appreciation declined to its slowest pace in two years, according to the S&P Cotality Case-Shiller U.S. National Home Price Index. 

Nationally, home sales rose 0.6% year over year but slid 0.7% month over month, RE/MAX said. 

The upside surprise came despite monthly and yearly declines in the pace of sales. 

The association said the housing market is making a definitive swing back in the direction of the buyer thanks to wage growth, slowing home-price gains and rising inventory. 

The pace of detached and attached home sales was up slightly year over year, while prices showed larger gains — again. 

The single-family sector managed to eke out a slight monthly gain, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. 

The NAHB/Wells Fargo Housing Market Index slid a point to 32, reflecting ongoing negative sentiment in the homebuilding industry. 

Multifamily brokerage Luxury Living’s latest market update showed rents rising across all seven downtown submarkets in the second quarter. 

NAR’s report — which surveyed nearly 5,000 Realtor members — also found that the typical agent took on 10 transactions in 2024, the same as a year prior.

As the spring homebuying season ended, U.S. home price growth softened significantly, opening the door to improved affordability.

Home-purchase activity remained elevated from 2024, but a cloudy economic outlook has deterred some would-be homebuyers. 

After years of fast-paced home sales, tight inventory and relentless price growth, the U.S. housing market may finally be entering a new chapter.

Geographically, the only region to post a monthly increase in pending sales was the Northeast, where they rose 2.1%, according to NAR’s Pending Home Sales Index.