The price sellers are asking for their homes hit a new record last month. According to Redfin, asking prices of newly listed homes were up 12 percent during the four-week period ending September 26, compared to the same time last year.
As asking prices continue their upward trek, pending sales were up just four percent over last year. This is the smallest year-over-year increase since June 2020. Buyers are finding themselves priced out in many markets and even though inventory has improved over the last few months, competition for some homes remains tough.
Still, the typical seasonal cooling of the housing market seems to be upon us. Fewer than half of homes are currently selling above their list price, down 20 percent from earlier this year.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.00 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.
