New listings of U.S. homes for sale fell 1.7% from a week earlier during the week ending June 21 to their lowest level since February, according to Redfin. The total number of homes for sale dipped 0.4% week over week, while pending home sales edged down 0.1%, marking the third straight week of slight declines from their May peak. The median home-sale price hit a record high of $408,814, up 2.5% year over year, and the weekly average mortgage rate stood at 6.47%, both factors dampening buyer demand. Redfin notes that nearly half of U.S. home sellers gave concessions to buyers in May, the highest share on record for that month, signaling a buyer's market in much of the country.
Rocket Companies IncFalling home listings and sales, record high prices, and high mortgage rates dampen buyer demand, reducing mortgage origination volume for Rocket Companies.