Posts from May 2022

Including a 10% year-over-year decline in April’s existing home inventory to 1.03 million – a record low for the month – the NAR has reported year-over-year inventory decreases for 35 consecutive months. While narratives around “no inventory” have been pervasive, data from Redfin and implied by the NAR both suggest that the number of new listings – or the flow into inventory – was highest in at least a decade in 2021.

In 2021, elevated home price appreciation alongside low rates resulted in a mortgage origination market ideal for cash-out refinances, which saw unit volumes increase 39%, building on 50% growth in 2020. Many lenders saw the opportunity to create a bigger presence in this market...