Our monthly real estate market report includes information about housing prices, inventory, mortgage rates, home sales and market predictions. We summarize news headlines and share important market updates.
When the economic uncertainty dust settles, those buyers and sellers who were on the sideline will jump back in the housing game. Demographic trends support elevated purchase demand in the years to come, so it’s a question of when, not if, for the housing market.
The uncertainty and volatility in financial markets is heavily impacting mortgage rates. Our survey indicates that the range of weekly rate quotes for the 30-year fixed-rate mortgage has more than doubled over the last year.
The aim of Fed tightening is to curtail demand in an effort to tame inflation, & when it comes to the housing market, the Fed’s actions are working. Home sales, both new and existing, are falling, builders have cut back production in response to rapidly declining affordability . . . and annual house price growth has slowed from the peak of nearly 21% in March of this year to 16.7% in July.
While even two months ago rates above 7% may have seemed unthinkable, at the current pace, we can expect rates to surpass that level in the next three months.
This report is intended to be accurate, but the information is not guaranteed. Please reach out to us directly if you have any specific real estate or mortgage questions or would like help from a local professional. This post was provided by Sparkling Marketing, Inc. with a Market Report from Keeping Current Matters.