Posted in Industry News
Will Fall 2014 See A Sustained Housing Rebound?
In the housing industry, fall is usually the time of year when home sales begin to drop off, but after a slow-to-start spring and summer, autumn just might see a small rebound in housing, according to a new report from Redfin, a real estate brokerage by way of an article from CNBC.
The amount of homes that sold above their listing price in July was down by almost 26 percent from a year ago, and as a result, more and more sellers are lowering their price expectations. But lower prices, mortgage rates that are still low and increasing supply could drive the number of home sales higher.
"We expect prices to continue to flatten in August, and potentially decline month over month in September or October. If that happens, it will be the first three-month price decline since the fall of 2012," said the Redfin report.
While markets in Florida, Texas and Arizona slow down in the fall, others in the New England states and west coast states, like California see significant increases.
Winter resort markets hit their stride in the fall and winter, while summer vacation hot spots close up shop. Buyers looking for the best deal should consider shopping in the off-season in whatever market they’re interested in—when competition is less fierce.
Read the article from CNBC here.
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