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  • Harold Willig

Home Prices Are Going Down, Instead of Up

Historically, during the summer months, home prices surge. Buyers are more apt to take a look at homes when the weather is nice, and families with kids are motivated to move before the school year starts.

With this summer’s very low mortgage interest rates, the expectation was that August would be business as usual. But that didn't happen.

Buyers and sellers are both worried that a recession is on the horizon. That caused a dip in the price of existing homes; a drop of .8% from July.

The number of homes on the market also fell in August because buyers, lulled by low mortgage interest rates, don’t seem to be in much of a rush. Lower supply and lower demand are a very unusual mix. And the lack of buyers has forced many sellers to resort to pulling their properties off the market.

"A lot of the homes on the market are too expensive, and a lot of buyers are taking a break," says economist George Ratiu of Meanwhile, sellers are "concerned they might have missed the high-water market," so they want to wait out the current climate.”

Read on HERE

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