This is a YouTube video titled "‼️ Pullback in New Homes Sales ‼️" containing a market update discussing recent trends in new home sales and mortgage loan amounts as of July 2021. The content features a single speaker providing analysis on the housing market conditions, including purchase application declines and price increases.
The Mortgage Bankers association predicting a little bit of a pullback in new home sales. They were down for the second month in a row for purchase applications. They were down 5.9% in June compared to May. And that's where the whole home buying process starts. You know what? New people are entering the market, so this is good. For those that are already in the market searching for homes, there's a few less new competitors, however, prices are still going up. This is the fourth month in a row the average loan amount's gone up. It went up $7,000 in the last month to a total of 384. So still having to make a hefty offer to get it accepted, but there's a little less competition.
