Mortgage services.

New home sales lost almost no ground in September, effectively reinforcing the healthy rebound seen in August's report.  The Census Bureau's New Residential Construction report clocked sales at an annual pace of 676k, down only 0.6% month over month. As seen in the chart below, the broader trend has been sideways for nearly 3 years now. The number of new houses for sale slipped to 476,000 , down 1.0% from August and 2.3% from a year earlier. With inventory edging lower alongside sales, the implied supply eased to 8.4 months , compared with 8.5 months in August and 8.2 months last September. Prices rebounded from August's decline. The median sales price rose to $400,400 , up 3.9% for the month but still 3.9% below September 2025. The average sales price increased 0.4% to $472,800 , leaving it 6.7% below its year-ago level. As a reminder, these figures are broadly based and don't factor in location, lot size, and other key pricing components Sales (MoM): -0.6% Sales (YoY): -5.3% Inventory (MoM): -1.0% Inventory (YoY): -2.3% Months' Supply: 8.4 (down from 8.5 prior month; 8.2 YoY) Median Price: $400,400 Average Price: $472,800

Home price appreciation picked up again in August (as reported this week), but the improvement was minimal.  The FHFA House Price Index rose 0.3% from July to August, bringing annual appreciation to 2.4% . July's previously reported monthly gain was revised down from 0.3% to 0.2%. Regional results remained uneven, with annual appreciation ranging from 0.5% in the Mountain division to 4.4% in the East North Central division. Case-Shiller's national index rose 2.1% year over year, up from 1.9% in July. The 10-City Composite gained 3.6% , while the 20-City Composite rose 2.7% . Even with the recent improvement, the inflation-adjusted trend remains negative. Consumer prices rose 3.4% annually in August, well above the 2.1% increase in national home prices. That gap has persisted for more than a year, offering some relief on a relative affordability basis even as elevated home prices and mortgage rates continue to challenge buyers. Case-Shiller's metro-level results continued to show a sharp divide between markets. Chicago led the 20 tracked cities for the sixth consecutive month , with prices up 6.7% year over year. New York followed at 6.2%, and Cleveland gained 4.3%. Seattle remained at the other end of the spectrum, with prices down 2.0% annually, followed by Las Vegas at -1.3% and Denver at -0.8%. FHFA House Price Index

Mortgage applications finally rebounded as mortgage rates fell for a second straight week. The Mortgage Bankers Association (MBA) reported a 3.4% increase in total application volume for the week ending October 23. The average 30-year fixed mortgage rate declined to 7.37% from 7.41%, its lowest level in three weeks. Both purchase and refinance applications moved higher, but just barely, and well below levels from last year. The seasonally adjusted Purchase Index rose 4% for the week, and still 18% below year-ago levels . Refinances increased 3%, offering only a modest rebound from a market still 61% below its level a year earlier. “The decline in rates gave borrowers some relief, with applications rebounding slightly, particularly conventional applications,” said MBA's Joel Kan. He noted that mortgage rates remain more than a percentage point above year-ago levels, while most homeowners have little incentive to refinance. Adjustable-rate mortgages accounted for 11.3% of applications , the highest share in more than a year, as borrowers sought lower monthly payments. Mortgage Rate Summary: 30yr Fixed: 7.37% (from 7.41%) | Points: 0.76 (from 0.75) 15yr Fixed: 6.70% (from 6.73%) | Points: 0.85 (from 0.73) Jumbo 30yr: 7.28% (from 7.33%) | Points: 0.64 (from 0.60) FHA: 7.12% (from 7.13%) | Points: 1.07 (from 1.15) 5/1 ARM: 6.41% (from 6.46%) | Points: 1.20 (from 1.11)