Key Takeaways

• Pending sales were down 8% from a year earlier during the week ending June 28, although the decline was only 3% after adjusting for seasonal effects.
• New listings are now down 8% from a year ago, a slight improvement from a week earlier.
• Weekly average mortgage rates hit a new low at 3.07%, but mortgage purchase applications declined 2% from a week earlier.
• New cases of COVID-19 are up 411% month-over-month in the Phoenix area and 452% in Las Vegas, while year-over-year pending sales are down 15% and 17% respectively (two weeks earlier pending sales were up 27%

New mortgage lending has dropped sharply to its lowest value in 12 months, while refinancing has hit a historic high, latest housing finance figures reveal.

The Australian Bureau of Statistics data, released Thursday, showed the total value of mortgage lending actually increased by 2.8% in May 2020 to $31.5 billion – but broken down, $16.4 billion went to new loans and $15.1 billion to those refinancing – with the latter a record high value.

Cameron Kusher, realestate.com.au’s executive director of economic research, said the unusual trends reflect the height