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.
Here are some quotes from this month’s report:
- 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.
The article is provided by Sparkling Marketing, Inc. with content from Keeping Current Matters. The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions