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In all of the 12 major housing markets west of Texas, plus Austin, home prices fell in January on an annual basis, according to mortgage-data firm Black Knight Inc.’s home-price index.
The volume of all mortgage applications rose 6.5% compared with the previous week, the Mortgage Bankers Association said.
Black Knight data shows new listing volume down 25 percent in January compared to pre-pandemic levels, the biggest drop since most of the country was in lockdown.
Housing supply shortages are holding prices higher, and current affordability constraints, along with elevated rates, lock sellers in place.
More than half of borrowers paid 0.5 points or more to cut their interest rate for the life of the loan, while just 3% chose the short-term option, Black Knight said.