We’re seeing a shift in the market: mortgage applications for new homes have dipped by 5.7% compared to last year, and are also down 1% from June. Sales are moving at a 647,000 annual rate, which is a 3% decline. With higher inventory and rising mortgage rates, it’s no surprise that demand has softened and the average loan size has dropped to $374,438. Having guided buyers and sellers through many different market cycles in Oxford, Lapeer, Lake Orion, and beyond, I know these numbers can feel overwhelming. My goal is always to keep you up-to-date and make your real estate journey as smooth as possible, whether you’re navigating your first purchase or your next move. If you have questions about what these trends might mean for your plans, I’m here as a resource.
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