Mortgage applications declined 1.2% during the week ended Sept. 9, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey. 

Mortgage applications, pending sales, new listings and overall inventory saw large declines in August.

Homebuyers nationwide had more time to make decisions in August with the first year-over-year increase in median days on the market since June 2020.

Buyers who are still in the game are finally getting a break from bidding wars

Demand for condominiums continues to grow.

The modest 1% decline could indicate the current housing cycle is reaching a bottom as mortgage rates recede from their recent high, the National Association of REALTORS® said. 

The median price of a new home sold during the month was up 5.9%, however, according to figures from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. 

Nationally, the median sales price slid 2.9% from June but rose 8.1% from July 2021, while closed transactions were down 16.6% on a monthly basis and 26.3% on a yearly one, RE/MAX said in its National Housing Report.

A recent decline in mortgage rates could return some purchasing power to buyers going forward, National Association of REALTORS® chief economist Lawrence Yun said. 

For the fifth month in a row in July, home sales declined nationally, including here in the Bay State, as home prices continued to rise.

July single-family home and condo sales continued to plummet last month as the market continued to cool.

The pace of housing starts for both single-family and multifamily residences was down on a month over month basis, the U.S. Department of Housing and Urban Development reported. 

The NAHB/Wells Fargo Housing Market Index fell for the eighth straight month in August, as the key measure of builder confidence indicated a pessimistic outlook. 

Worcester had one of the highest rates of homebuyer competition in July

Homebuyers may catch a break this month as rates have come down nearly a point from the recent high on fears of a recession.

Boston’s average monthly rent is $4,878, a 17.4% increase from the previous year.