Posted To: MND NewsWire

Redfin says the second home market appears to be cooling although annual sales, measured by mortgage rate locks, were up nationwide by 48 percent in May. The company says, while that increase is substantial, it is the first time in a year that annual growth has fallen below 80 percent . Further, the year-over-year comparison is to a month when much of the nation was shut down by the COVID-19 pandemic. Last June, as the real estate market came back to life, second home mortgage locks jumped 110 percent compared to June 2019 and remained elevated through April. One reason for the increase was thought to be that workers, forced to work from home, realized they could telecommute from anywhere. The annual increase in May is similar what was seen prior to the pandemic and Redfin advances several…(read more)

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Published On: June 11, 2021 / Categories: Mortgage News /