Mortgage rates dropped to 6.09%, yet home sales declined, though experts anticipate rising demand with increased inventory.
Sectors & Industries
September 23, 2024
Mortgage rates dropped to 6.09%, the lowest since early February 2023, following the Federal Reserve's jumbo rate cut. Despite this, sales of existing homes fell 2.5% in August, marking the lowest level since 2010. However, with declining mortgage rates and increased inventory, experts expect demand for housing to rise in the coming months, potentially easing affordability pressures for prospective buyers.
The median price of existing homes rose 3.1% year-over-year to $416,700, marking the highest August price on record. Investors took notice, pouring into real estate stocks like Zillow and Redfin, which are up 25% and 43% respectively this past month, despite neither company being profitable last quarter.
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