Three Things To Watch in the US Housing Market This September
It’s been a slow and chilly end of summer for the U.S. housing market. Things may get better in September—or worse.
This September, three key factors will shape the U.S. housing market according to Jake Krimmel, a senior economist at Realtor.com. First, the rate at which sellers are taking their properties off the market, or delisting, will be scrutinized. If sellers continue to delist, it may indicate that the market has changed since the pandemic.
Second, we'll watch for signs of price cuts. Sellers, struggling with low demand, may lower their asking prices to attract reluctant buyers. Lastly, geography will play a role. The story of whether regional differences in the market dissipate or persist will be closely monitored. In August, a tough month for the U.S. housing market, pending home sales fell 0.2 percent year over year, marking the first decline in eight months.
Contract signings also dropped 3.7 percent compared to the previous year. The median time homes spent on the market increased to 60 days, three days longer than July but unchanged from a year ago. These figures suggest that affordability issues and rising mortgage rates continue to impact the market. Despite some positive signs, such as a 10th consecutive month of annual list-price declines and an increase in active listings, the market still faces a chronic shortage of homes.
Experts will closely monitor delistings, price cuts, and regional trends in September to gauge the market's future direction.
Written by urgent.news from Newsweek's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
