Report: home sales could bounce back by fall

Report: home sales could bounce back by fall

Report: home sales could bounce back by fall
Experts at Realtor.com made an ambitious prediction in a new report last week that home sales in the U.S. will rebound by late summer or early fall. Nearly all states in the U.S. have begun or are about to begin some stage of reopening as of mid-May.

Realtor.com’s housing forecast predicted an uptick in home sales by Q3 2020 that will be driven largely by first-time buyers. Millennials burnt out by shelter-in-place mandates in small apartments will leverage low mortgage rates to purchase a home.

Still, the forecast says that overall the pandemic will lead to a 15 percent decline in year-over-year home sales by the end of 2020 but that mortgage rates will continue to hover near historic lows.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.375 percent and 15-year rates are near 2.75 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.