Dive Brief:
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This fall could be uncharacteristically brisk for home sales.
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Historically real estate’s slow season, this autumn will feature lower home prices, low mortgage rates, and increasing supply, notes a report by Redfin.
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The real estate brokerage firm is forecasting that home prices could drop or at least stay flat through September or October. This would mark the first time since 2012 that prices have declined for three months running.
Dive Insight:
Home prices began a slow decline last November, and by July, the number of homes that sold above list price was 7% below July 2013’s numbers. The result, according to Jeremy Cunningham, a Redfin real estate agent in Virginia: “It’s not a seller’s market anymore.”