Whoa! America’s Housing Market Just Hit a Speed Bump That Could Completely Change the Homebuying Game
Whoa! America’s Housing Market Just Hit a Speed Bump That Could Completely Change the Homebuying Game
Abstract
For a third week in a row, homes are sitting on the market for a longer time than last year, Realtor.com's Danielle Hale says. For the week ending Aug. 13, median listing prices rose by 13.3% from a year earlier. The average 30-year fixed-rate mortgage dropped to 5.13% from the previous week’s 5.22%, according to Freddie Mac and Freddie Mac. This is no doubt welcome news for cash-strapped homeowners. The average 20-yearfixed-rate mortgages dropped to 4.15% in the last week. Home sellers are still likely to see an offer or more in a reasonable time frame. “The housing market isn’t unfriendly to sellers right now,” Hale says.