Fall comes early for the housing market

Fall comes early for the housing market

Fall comes early for the housing market
Realtor.com reported this week that home prices fell 1.8 percent in August, unordinary for a month that traditionally still sees summer homebuyers clamoring over real estate.

“What it tells us is, fall came earlier than expected,” said Senior Economist George Ratiu of Realtor.com. A lot of homes on the market are too expensive, and a lot of buyers are taking a break.”

This coincides with a new Realtor.com survey that shows both buyers are sellers are concerned that a recession is on the horizen. Fifty-six percent of prospective home shoppers say that is causing them to rethink their home purchase for now.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.625 percent and 15-year rates are near 3.125 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