With more buyers than sellers nationally, what we're seeing is a natural pressure on home prices as buyers compete to bid on available properties. Fortunately, the historically low cost of debt service on a home purchase means that we have a comfortable buffer in most of the country because the typical family can afford to buy a home well above the median price.
More Quotes from David Lereah:
Mortgage interest rates have been on a steady slide since April and reached new historic lows in September, contributing significantly to higher existing-home sales.David Lereah
A lot of demand has been met over the last five years, and a modest rise in mortgage interest rates is causing some market cooling.
David Lereah
The continuing shortages of housing inventory are driving the price gains. There is no evidence of bubbles popping.
David Lereah
After setting a new record for existing-home sales in August, our internal tracking shows a downturn following the attack on America, and there will be some natural pullback from big-ticket purchases in the months ahead given uncertainty over the future.
David Lereah
This means a modest slowing can be expected in the sales pace in the months ahead, although the market will hold at historically strong levels.
David Lereah
The drop in pending home sales is an affirmation that we are experiencing a modest slowing in the housing sector.
David Lereah
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