September price update

The annual rate of home sales rose to the highest level since 2009 in July, the jump likely boosted by formerly reluctant buyers being pushed off the sidelines by the anticipation of rising mortgage rates. As speculation continues on the date and extent of the Federal Reserve’s reduction in its purchases of unconventional assets, mortgage rates have already begun to rise and are unlikely to return to the historic lows witnessed early in the year. With rates on the move, prospective buyers would do well to take advantage of low rates while home affordability remains at historically high levels. Prices moderated slightly in July from their peak in June, likely due to seasonal variation, but maintained high year-over-year growth rates. Sellers are still well-positioned in the national market with inventory still relatively tight in many areas.

Source:  Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.

 

The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources

 

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