Home Sales Hit Year Long Low In September

Mortgage_468x60_3solid-1

Last month was a bad month for home sales across the United States. Home sales and contracts for new homes plunged in September. The higher interest rates are to blame, most say.

Mortgage rates have hit a 2 year high and that has slowed the sales of new homes to the lowest levels in nearly 2 and 1/2 years. The good news is that the rates since the summer have dropped and now are sitting close to an average of 4.13% on a 30 year mortgage. That should help bring the sales back up in the coming months. Generally, when the rates rise, its a 2 – 3 month lag in home sales.

Refinance at
Loan Type

Please enable JavaScript for the best experience.

The common belief is that home sales and new mortgages should continue the rise even with the rates a bit higher than this time last year. When we look at the rates is a historical outlook, rates are still very low and home sales should show signs of growth.

Another aspect of sales to watch is home prices. The average home price also rose 12.5% over the same time last year. That jump in average price is one of the highest we have seen in ten years. If you are in the market to sell a home, you should be able to get more for your home than the same period a year ago. Now just might be the time to list if that is in your future.

Christian

Christian

Christian Calvin mortgage Christian is a contributing writer for Mortgage.info. He is a graduate from the University of Tennessee with a degree in Communications and a concentration in Broadcasting. Christian has served as vice-president for a privately-held company for more than 20 years. Additionally, he has also applied his writing and business knowledge to various websites with a focus on business and sports news . . . both of which are passions. Christian enjoys playing golf and spending time with his family and friends.

Contact: christian@mortgage.info
Christian

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

Facebook Iconfacebook like buttonTwitter Icontwitter follow button