IE Business Daily Business news for the Inland Empire.
Pending home sales nationwide fell 2.2 percent during the four weeks that ended July 12, according to Redfin.
That was the first year-over-year decline in one month, a downward shift that can be blamed on the “stubbornly high” cost of housing throughout the country, the Seattle-based real estate brokerage reported.
The weekly average mortgage rate was 6.49 percent by July 12, essentially unchanged from the previous week. New listings fell 1.2 percent week over week to their lowest level since the start of the year.
“First-time buyers are having a tough time breaking into the market,” said Christine Kooiker, a Redfin agent, in the statement. “High mortgage rates mean that even homes in the most affordable price point are a stretch for a lot of buyers.”
A lot of people who want to sell their home and move up are also sitting out of this market because they’re locked into low mortgage rates, or they can’t find home they like, Kooiker said.
