"While summer is traditionally considered peak season for home-buying, Q4 emerged as the most active period last year, driven by declining mortgage rates in Q3, Waugh said in a statement. Buyers and sellers entering the market now through the end of the year are highly motivated. Navigating seasonal changes such as school schedules, inclement weather, and holiday commitments shows serious intent. Waugh noted that sellers who are keeping their homes ready for showings remain dedicated, even as mortgage rates hit their lowest point of the year and improved affordability draws more buyers back into the market."
"Total housing inventory stood at 1.53 million units, down 1.3% from July but up 11.7% from August 2024. That represents a 4.6-month supply at the current sales pace, unchanged from July and higher than the 4.2-month supply a year earlier. While inventory has plateaued nationally, the pace of new listings is slowing, which may once again tip the scales between buyer demand and available supply, Waugh said."
Sales rose in the Midwest and West while falling in the Northeast and South. Record-high housing wealth and a record-high stock market will enable many current homeowners to trade up and support the upper end of the market. Sales of affordable homes remain constrained by limited inventory. The Midwest outperformed due to relatively affordable conditions, with its median price about 22% below the national median. Total housing inventory was 1.53 million units, representing a 4.6-month supply, and the pace of new listings is slowing, which could tighten supply relative to buyer demand into year-end.
Read at www.housingwire.com
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