Market Update by Pasas Properties:

U.S. stock markets have rebounded after losses when Britain announced it was leaving the E.U.  Markets don’t believe a Fed interest rate hike will happen this year.

The current labor market is strong, with a decrease in unemployment claims.  A strong labor market supports a strong housing market.

Mortgage applications were up 14% last week.  Many people are still refinancing, but there has also been a 23% increase in purchase applications year-over-year.

There is still a lack of housing inventory in many markets, but this does have the impact of driving home prices up.  Rental demand is also up across all segments of the market.