While the fall is traditionally not considered home buying season, high buyer demand is expected to continue into the autumn months. According to a new report from Realtor.com, experts predict this fall may be one of hottest in years.
"Overall, the fundamental trends we have been seeing all year remain solidly in place as we enter the traditionally slower sales season," said National Association of Realtors Chief Economist Jonathan Smoke. "Pent-up demand remains substantial as buyers seek to get a home under contract while rates remain so low."
Fueling speculation of an active fall housing market is data that shows the number of days homes are sitting on the market is shrinking. The pace of home sales in September was four percent faster than a year ago amid limited housing inventory.
Meanwhile, mortgage rates remain near all-time lows with conforming no-point 30-year fixed rates averaging 3.375 percent while the 15-year rate is 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.