Mortgage rates dipped last week, sparking renewed interest among some potential buyers, but the housing market remains in a delicate balance. Despite the slight drop in rates and home prices, pending sales have seen their steepest decline in nine months, highlighting ongoing affordability challenges. However, with signs of increasing buyer activity, now might be the opportune moment for those on the fence to explore the market before competition heats up again.
Enjoy the article from the Realty Times and call me with any questions you may have or for any of your real estate needs.
Tim Houterloot - Broker/Realtor
317-997-0165 - Cell
indyhomepro@outlook.com
Source: Realty Times | Repost Houterloot 8/9/2024 -
Mortgage rates dropped to their lowest level since April 2023 early this week, falling to a daily average of 6.34% on August 5, according to a new report from Redfin, the technology-powered real estate brokerage. Rates fell after a weaker-than-expected jobs report stoked recession fears; they have since ticked up, but they're still near the lowest level in over a year.
Home prices are also falling from their peak: The median sale price was $389,750 during the four weeks ending August 4, more than $6,000 below early July’s all-time high. While that’s a typical seasonal decline, the year-over-year increase of 3.2% is the smallest in nine months, indicating that price growth has eased slightly.
Home sales have yet to improve as the affordability crunch eases. Pending sales are down 6.7% year over year, the biggest decline in nine months, and there wasn’t an increase in offers written with Redfin agents this past weekend after rates fell on Friday. But there are some signs that house hunters are coming off the sidelines at early stages of the homebuying process, and that pending sales could improve soon. Mortgage-purchase applications rose slightly over the last week on a seasonally adjusted basis.
Read the full article...
