Zillow to Stop Buying New Homes for the Rest of the Year as It Struggles to Manage Backlog in Renovations

The company’s Chief Operating Officer, Jeremy Wacksman, said in a statement that Zillow will not be signing any new, additional contracts to buy homes through the end of the year.

Mortgage Application Rates Down as Interest Rates Rise to Highest Levels Since July

Mortgage application rates in the United States fell by 1.1 percent last week driven by higher interest rate, according to the Mortgage Bankers Association (MBA) Composite Index.

Homebuilder Confidence Drops to 13-Month Low on High Material Costs and Surging Home Prices

The HMI index component that gauges current sales conditions fell five points to 81 in August, while the part that measures traffic of prospective buyers also recorded a five-point drop to 60.

Single-Family Home Prices Soar by 23 Percent, Sharpest Rise on Record

The median price of an existing single-family home surged by 22.9 percent in the second quarter of 2021 compared to the year-ago period, hitting an all-time high of $357,900, the NAR said in an Aug. 12 report.