TPH - White-hot housing demand cools to red-hot as mortgage rates inflation rise

The white-hot housing market that only intensified during the pandemic is starting to ease as higher mortgage rates and still rising home prices push some prospective homebuyers to the sidelines.   In the past week: May housing starts and building permits both fell more than expected and homebuilder sentiment slipped for the sixth straight month to the lowest level since June 2020. But the sector is by no means in the dumps. The week's mortgage applications increased 6.6%, rebounding from a 6.5% decline in the previous week.   Recent reports from Redfin and Re/Max are also portray an industry that's downshifting from a turbo-charged pace. For example, home closings in May, typically one of the most active months of the year for home sales, dropped 8.5% from a year ago, Re/Max said in its May 2022 Housing Report.   In addition, inventory is starting to increase, though it remains well below

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White-hot housing demand cools to red-hot as mortgage rates, inflation rise