found that homebuyer demand was up 25% during the first week of June compared to pre-pandemic levels.in mortgage purchasing applications — the first week was the highest since January and the second week was the highest in 11 years .From May 25 to May 31, new listings were down 21% year-over-year, and from June 1 to June 7, listings were down 15%.
Sarah Martin, a Redfin mortgage advisor, told Business Insider that low rates and easing credit are the catalysts for growing demand. And recent mortgage data is more evidence of high demand. Theshows that homebuyer purchase applications jumped 8% last week to their highest level in over 11 years; the first week of June, they had reached their highest point since January.
"We've had a lot of clients who are going to list with us but they're just not ready yet," Charles Davies, a Redfin agent in Philly, was quoted saying in the piece.that the housing market didn't have enough starter homes for the millennials who would be looking to buy.
A real estate agent in Bergen County, New Jersey, told Business Insider that every house in her market that is priced well gets multiple offers. In fact, she said she recently represented a buyer who was involved in an 18-offer bidding war. They went $50,000 over the asking price and still got outbid.
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