{"id":7042,"date":"2021-09-23T11:45:09","date_gmt":"2021-09-23T15:45:09","guid":{"rendered":"https:\/\/empireappraisalgroup.com\/?p=7042"},"modified":"2021-09-12T09:47:16","modified_gmt":"2021-09-12T13:47:16","slug":"economists-sales-momentum-will-carry-into-fall","status":"publish","type":"post","link":"https:\/\/empireappraisalgroup.com\/economists-sales-momentum-will-carry-into-fall\/","title":{"rendered":"Economists: Sales Momentum Will Carry Into Fall"},"content":{"rendered":"

Economists: Sales Momentum Will Carry Into Fall<\/h1>\n
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Will bidding wars continue? Will home prices stay elevated? Will home buyer demand remain strong? Heading into the fall season, economists are optimistic about the market\u2019s direction considering its unpredictability since the beginning of the pandemic.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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For the most part, they agree it won\u2019t be a return to the usual slowing pace of sales in the fall\u2014nor will prices slide to the extent typical of the season as families settle into a new school year.<\/p>\n

The fast-spreading delta variant of COVID-19, however, remains a wild card for the housing market.<\/p>\n

But at the moment, \u201cI expect an unusually busy fall season,\u201d said George Ratiu, realtor.com\u00ae\u2019s chief economist. \u201cSellers are putting homes on the market. Normally, this activity happens early in the spring.\u201d<\/p>\n

The National Association of REALTORS\u00ae\u2019 latest housing report shows housing inventories are increasing, by 7.3% in July compared to June.\u00a0A greater number of homes for sale<\/a>\u00a0will lessen the intensity of multiple offers, said Lawrence Yun, NAR\u2019s chief economist, in regard to the latest home sales numbers.<\/p>\n

\u201cWe\u2019re seeing the gap narrowing between demand and supply,\u201d Gay Cororaton, NAR\u2019s director of housing and commercial research, told realtor.com\u00ae. \u201cThere\u2019s still a huge, huge gap.\u201d<\/p>\n

Buyers continue to purchase homes for sale at a frantic pace. Eighty-nine percent of homes sold in July were on the market for less than a month, according to NAR\u2019s data.<\/p>\n

Buyer demand likely will remain strong, especially as mortgage rates stay near record lows. \u201cThe fear of missing out on what could be a once-in-a-lifetime deal will likely entice additional buyers,\u201d realtor.com\u00ae reported. The 30-year fixed-rate mortgage averaged 2.86% last week<\/a>, according to Freddie Mac.<\/p>\n

Home buyers likely will still face intense competition. \u201cDon\u2019t expect deals in the fall if you are house hunting in the most desirable part of a market or competing for a particularly nice house,\u201d Ali Wolf, chief economist at Zonda, a building consulting firm, told realtor.com\u00ae. \u201cHomes that stand out for one reason or another are still flying off the shelf.\u201d<\/p>\n

The fall housing market will still be very strong, Greg McBride, chief financial analyst at Bankrate.com, told realtor.com\u00ae. \u201cIt just won\u2019t be as frenetic as what had been experienced earlier in the year.\u201d<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Source:\u00a0 \u201cThe Housing Market Continues to Cool. What Will This Fall Be Like?<\/a>\u201d realtor.com\u00ae (Aug. 25, 2021)<\/div>\n<\/div>\n<\/div>\n<\/div>\n