US Housing Comps Need Context

Purchase applications softened after mortgage rates moved above ~6.5%. Recently, applications rose ~2% weekly and were flat yearly, despite comparisons and near 7% borrowing costs.
Recent pending sales were 64.4K versus 65.2K a year earlier, showing a modest cooling trend for the US rather than a sharp retreat.
Inventory growth stayed mild, but upcoming yearly comparisons should look easier because last year's demand improved as rates eased. New listings remained healthiest since 2022.
In a recent week, inventory edged up to 883.7K, while new listings reached 68.1K. Price cuts were ~42%, nearly on par with yearly levels.
For the rest of 2026, tougher yearly comparisons may challenge application data, but inflation reports and rate behavior should remain the key signals to watch.