Nearly one out of every three homes that have been sold over the last month were under contract within a week. This is according to an analysis of home sales from Redfin. This is a faster pace than is typically seen at this time of year, when home sales generally slow down.
This latest data point is an indication that the housing market remains red hot with demand continuing to drive competition and buyers acting quick when a desirable home comes up for sale. Active listings of homes for sale have dropped by 5.9 percent over the past six weeks.
Experts have long predicted that the high demand from buyers for new places to live would cause a hiccup in the traditional seasonal cooling of the housing market.
Today, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.25 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 (877) 700-0942 and your questions may be featured in an upcoming article.
