Existing Home Sales

• Sales dropped modestly in August but have been essentially stable at around 5 million for the past 12 months.

Mortgage Applications

• Mortgage applications retreated in the past week after having surged in the prior three weeks. The four-week moving average is comfortably above a month ago levels.
• The takeover of Fannie and Freddie by the government has brought down mortgage rates.

What does today’s data mean for REALTORS® and consumers?

• Sales have been stable for the past 12 months and this trend will continue for additional 2 or 3 months.
• Lower mortgage rates and lower home prices have significantly improved affordability for buyers.