Home prices are still rising in much of the U.S., making it more difficult for buyers to afford both the costlier financing as well at the pricier properties, Yun said. “Only when inflation calms down will we see mortgage rates begin to steady,” he said. Mortgage rates are likely to increase to closet to 7% in the coming months as the Federal Reserve struggles to contain inflation, Yun said.
“If mortgage rates moderate and the economy continues adding jobs, then home buying should also stabilize.” “The direction of mortgage rates – upward or downward – is the prime mover for home buying, and decade-high rates have deeply cut into contract signings,” said Lawrence Yun, chief economist for the National Association of Realtors. The metro New York City area had the longest listing time, at a median 45 days, followed by Kansas City, Missouri, at 39 days, and Miami, at 38, said. Even with the increase, the average is 18 days shorter than the typical list time in the 2017 to 2019 period, the report said. Homes spent about 50 days on the market this September, according to the median list time in the report. » Expert Tip :Looking to buy soon? Set yourself up for having your offer accepted on a home by getting preapproved for a mortgage prior to your home search. Looking at individual metro areas, Phoenix lead the nation with a 22% jump in the share of properties with price reductions, followed by Las Vegas, at 20% and Denver at 15%, the report said.
In the Midwest, the share of homes with price cuts grew 3.5%, and in the Northeast it was 3.2%. Metro areas in the South were next, at 7.7%. Properties listed in Western metro areas had the most price reductions, with a 16.2% increase in the number of listing price reductions compared to a year earlier, the report said. Looking at individual cities, Miami experienced the largest increase of listings in September, with an increase of 33.4% from a year ago, followed by Memphis, Tennessee, at 25.8%, and Milwaukee, up 27%, the report said.
Listings in Northeast metro areas fell 6% in September from a year ago, according to the report. The South saw the second-largest increase in listings, up 58%, followed by the Midwest, with a gain of 4.8%. Those regions also reported the most price reductions and the biggest increases in the days on market, said. The number of listings in metro areas rose the most in the markets along the West Coast, increasing 64% compared to a year earlier, the report said. Phoenix Leads the Nation in Price Reductions
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