Housing Records Strong September Despite Challenges

According to the most recent Campbell/Inside Mortgage Finance Housing Pulse Tracking Survey, the housing market’s vital signs remained strong in September. The survey, which polls nearly 2,000 real-estate agents across the country each month, found that the recent dip in sales numbers was not caused by higher mortgage rates or any other obstacle to market health. Thomas Popik, research director for the Housing Pulse survey, said the emerging slowdown in home purchases appears to be largely seasonal. According to Popik, September’s results show it was another month where higher rates had only a moderate effect on the market overall. Also in the release, the housing market was found to have performed quite well in September, despite the continuing decline in homebuyer traffic among current homeowners, first-time buyers, and investors. The survey found time on market was at a four-year low, homes are selling for a higher percentage of their list price and distressed property sales have fallen, all indicators of improved market conditions. More here and here.

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