The pace of home sales, meanwhile, remained at “multi-decade lows” even as affordability reached its most favorable level since 2022.

Finding an apartment in Boston proved difficult during this year’s peak rental season, thanks to high demand and limited supply.

The pace of home-price appreciation declined to its weakest pace in 10 years, according to the S&P Cotality Case-Shiller U.S. National Home Price Index. 

The pace of new-home sales hit an annual rate of 800,000, its highest level since January 2022. 

Fannie Mae also reduced its forecasts for home sales in 2025 and 2026. 

The decline in sales came as a 17-month run of year-over-year increases in new listings came to a close.

Springfield attracted over three times more viewers per property than the national average.

The move was widely anticipated and is expected to be followed by additional cuts this year. 

The jump in mortgage activity was driven in large part by refinancings, which surged 58% in the week ended Sept. 12. 

At the same time, completions of new single-family homes were on the rise last month, according to federal statistics. 

The National Association of Home Builders said its monthly builder-confidence survey indicated rising optimism that lower interest rates could spur new-home buying activity. 

The Boston metro area received a “strong seller” designation on Zillow’s Market Heat Index.

Closed sales decreased for both condos (-0.5%) and single-family homes (-4.6%) in August, although the single-family market saw a sharper drop.

The surge comes as the rate on a 30-year fixed-rate mortgage fell to its lowest level since October 2024. 

Boston ranks 16th among the 20 most populous U.S metros for new apartment construction.

The rate of home-price appreciation slowed to just over half the rate of inflation in July, Cotality noted.