while higher gas prices and concerns about overall inflation rising have created more financial strain for would-be buyers," she added.
Industry experts pointed to growing housing supply as a stabilizing factor.
"Growing home inventory in many markets is supporting more purchase activity," said Mike Fratantoni, senior vice president and chief economist at the MBA.
Financial analysts highlighted that upcoming inflation figures are likely to remain elevated due to energy price volatility.
"Incoming data showed that inflation dropped in June, but with oil prices spiking again, that improvement seems unlikely to continue in July data," Fratantoni said.
Market strategists observed that financial trends align closely with volatile energy prices.
"For those who want to keep the analysis simple, fuel prices do a good enough job explaining the move," wrote Matthew Graham, chief operating officer at Mortgage News Daily.
>>> Spider-Man: Brand New Day Brings Punisher and Hulk Into Peter Parker's World
Although total sales of previously occupied homes dipped to near 30-year lows of a 4-million annual pace, overall home purchase demand saw a minor uptick of 1.9% compared to the prior week.
