The recent drop in home buying sentiment, partly driven by concerns that prices are too high, is now evident in lackluster mortgage applications for home purchase. Applications fell 0.4% m/m in June, and are unchanged over the year. Even with inventory levels close to record lows, that has taken some of the heat out of house price gains. The large number of new apartments hitting the market has led to a gradual rise in the rental vacancy rate but, for now, rental growth is holding up.
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