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Experts: Home sales have topped out

Posted by The Aramco Group on Wed, Sep 26, 2018 @ 11:09 AM

Existing home-sales, the largest segment of the housing market, has reached its peak and will no longer contribute to the U.S. economy’s growth according to economists at Bank of America/Merril Lynch.

“We are calling it,” the report read. “Existing home sales have peaked.”

This conclusion was drawn after sales of existing properties have consistently failed to top last November’s peak of 5.72 million units annually. When coupled with a looming increase in mortgage rates and Zillow reporting an increasing number of price reductions, the economists cited in the report speculate the housing market is simply in a ‘neutral’ state – neither growing nor declining.

The silver lining according to the findings is that demand for housing continues to remain particularly high.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.625 percent, 15-year rates are near 4.125 percent and the 5-year ARM is averaging 4.125 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.

Topics: existing home sales

ARAMCO Report - Friday August 22, 2014

Posted by Mehran Aram on Fri, Aug 22, 2014 @ 17:08 PM

According to the National Association of Realtors, the national median sale price of an existing home year over year rose by 8.3% in the 1st quarter of this year. But in the 2nd quarter of 2014, year over year, home prices rose by only 4.4%. So there is definitely a significant decrease in the rate of home price appreciation. Meanwhile conforming no point 30 year fixed mortgage rates average 4 1/8th with 15 year rates closer to 3 1/8.

And now for something, completely different: Did you know that because of its tilt, the winter and summer seasons on Uranus last approximately 42 years each?

For more information on a home purchase, refinance, or a reverse mortgage, visit our website at www.ARAMCO.Biz or call me at (877) 700-0942.

This is Mehran Aram with today's ARAMCO Report.

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Topics: Reverse Mortgage, Aramco Report, and now for something completely different, home prices, home purchase, Uranus, Winter, Space, 30 year fixed rates, National Association of Realtors, existing home sales, Summer, Planets