Home sales tend to see a slowdown after Labor Day but according to a new report from online real estate site Ten-X, the end of the summer home buying season came early this year. According to Ten-X's Residential Real Estate Nowcast, which forecasts home sales nationwide, August will see a 0.1 percent decrease from July in existing home sales.
The report points to a solid gain in home prices which may have played a part in the decline. The median price for an existing home is currently 6.2 percent higher than a year ago. August marks the 65th consecutive month of yearly gains.
"A firm labor market is lifting demand for homes, while tight inventory levels have limited home sales growth," said Ten-X Chief Economist Peter Muoio. "Although the resulting price gains continue to benefit existing homeowners, they also erode affordability, effectively sidelining potential buyers."
Today, conforming no-point 30-year fixed mortgage rates averaging 3.875 percent while 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.