Housing market activity has come off the boil, as rising interest rates, a lack of inventory and concerns that house prices are too high have all weighed on buying sentiment. Both new and existing home sales fell back in June, and mortgage applications for home purchase continued to track sideways in July. Faltering home sales are supporting rental demand, keeping the multifamily rental vacancy rate low even as the supply of new completed apartments entering the market has reached a 30-year high.
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