Three Things To Watch in the US Housing Market This September
Summary
The U.S. housing market faced challenges in August with fewer home sales and higher mortgage rates, causing a slowdown. Experts say three key factors to watch in September are whether sellers take their homes off the market, if sellers cut prices more to attract buyers, and how regional differences in the housing market change.Key Facts
- Pending home sales in the U.S. fell 0.2% in August compared to last year, ending an eight-month streak of growth.
- Contract signings for home purchases dropped 3.7% year over year in August.
- Homes stayed on the market about 60 days in August, roughly the same as last year but slightly longer than July.
- Mortgage rates rose from 5.98% in February to 6.66% in August, making borrowing more expensive.
- Sellers are reducing asking prices; the median list price was $424,500 in August, down 1% from July and 1.3% from a year ago.
- About 20.4% of active home listings had price cuts in August, a slight increase from July.
- Sellers are less likely to remove their homes from the market than before, suggesting some acceptance of current conditions.
- Regional differences in the housing market may be decreasing, but experts are still watching how this unfolds.
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