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