Last month, it appeared that housing market conditions were improving slightly, giving homebuyers some optimism about their prospects for securing their dream home. It looks like that positivity didn't last.
A recent report from Realtor.com showed that the best time to buy a house is between September 12 and October 17. Now, more evidence is emerging that the fall and winter are the times when buyers can get the best deal for a home.
The housing market in California over the summer was arguably hotter than it's ever been, with homes flying off the market at record prices. And it looks like things aren’t going to cool off for the rest of this year.
It appears that new home sales have fully shaken off the period of declines that saw sales drop in April, May, and June. That streak ended in July when new home sales held steady. And things got even better in August.
Those looking for a change of pace in home prices are out of luck, as it's much the same as it has been for many months now: house prices continue increasing at a record-breaking pace.
Based on the most recent data, it looked like home sales were set to slow a bit as the weather cooled off. Then August happened. And now it looks like home sales are ready to speed up instead.
For many people, there comes a time when they feel they are ready to buy a home of their own. However, that time may not be the same for everyone.
With inventory for existing homes consistently running well behind historical norms, homebuyers are increasingly pivoting to buying a newly built home instead.
Existing home sales have been on a bit of an upswing of late, climbing in both June and July thanks to modest increases in available inventory. That trend reversed itself in August.
Earlier this year, Fannie Mae and Freddie Mac enacted new policies that limited the number of second home and investment property mortgages each of the companies could acquire as part of a government effort to allow the companies to retain more capital. Those limits are now no more.
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