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.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services