Source: Village News —
After a tumultuous summer for real estate, autumn is here. As of mid-September, the benchmark 30-year fixed-rate mortgage average is hovering a bit above 6% and skyrocketing home prices are finally starting to drop, slowly, (references below). Housing inventory remains tight, however. These indicators are both good and bad news for fall homebuyers and sellers.
Wondering which direction the housing market will head in as the leaves start to change color? Curious where interest rates will land? Worried about a potential crash? Read on for fall housing predictions from the pros.
Will the housing market stay hot?
The market is cooling; dramatically. Case in point: July marked the seventh consecutive month in which existing home sales were lower than the month prior (fourth month in our market) down 20.2% year-over-year and 5.9% from the previous month, according to the most recent National Association of Realtors data.
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