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Experts thought it was going to be a strong start to 2020, particularly as they observed home sales in the U.S. climb even ahead of the spring home buying season. In fact, new data from The National Association of Realtors shows that sales of previously owned homes in the U.S. hit its highest monthly pace in 13 years as of February. And then the pandemic struck the global economy causing experts to rethink their entire outlook for the year.
Economists and real-estate agents expect sales to nose-dive in the coming months. Data capturing March’s home sales is still a month away from release but early indicators show a major shake-up in the housing market as millions of Americans are expected to file for unemployment benefits.
In a survey conducted by the California Association of Realtors, more than half of agents said they had clients back out of home purchases in the last couple of weeks and nearly half had sellers pull their homes off the market.
Meanwhile, conforming no-point 30-year fixed mortgage rates averaging 3.375 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.