May to September are typically regarded by real estate professionals as ‘home buying season’, a time when buyers come out in droves in search of their new home. But in today’s radical housing market, reports are showing that the fall slowdown in home buying that arrives as the weather cools off doesn’t appear to be happening.
ShowingTime, a residential real estate showing managing and market stats tech provider, reports an unusual elevation in home buyer activity through October.
“Showing activity typically slows in the fall, but as the Showing Index has shown, we’ve seen buyer demand remains strong in many markets throughout the country to reverse the seasonal trend,” said Michael Lane, ShowingTime’s vice president and general manager. “Last fall we saw an unprecedented rise in buyer demand, which makes October’s year-over-year gains all the more impressive.”
The strong home buyer demand is expected to remain high throughout the winter as mortgage rates remain low.
Today, conforming no-point 30-year fixed mortgage rates are averaging 3.0 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.
