Housing Could Rise Even Further This Fall:
Autumn is historically the
start of the slow season for home sales, but after a good spring and summer,
wrought with still-tight supply and higher costs, the stage may be set for
another small pick up in U.S. housing this fall, at least according to a
new report.
More sellers are lowering their price expectations, because the number of homes
that sold above list price in July was down nearly 26 percent from a year ago,
noted in the report. That is the biggest drop of the year. Lower prices,
still-low mortgage rates and increasing supply could push sales higher.
Twenty-seven percent of homes sold above their list price a year ago, compared
with 20 percent this July. Home prices rose 7.4 percent nationally in July
from a year ago, according to CoreLogic, but the gains have been shrinking
steadily. That includes sales of distressed homes, which are slowly becoming a
smaller share of the market. It is the 29th straight year-over-year gain in
prices.
With Consumer Confidence increasing, interest rates very low and more supply of
homes entering the market at more realistic prices - the stage is set for more
units across the U.S. to move.
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