Posted on Sep 19, 2019

Simon Watson , Realtor, Walnut Creek

Home Prices Are Finally Going Down

Sep 19, 2019 – Mar 5, 2020
By Clare Trapasso ...Typically, home prices surge over the summer months. Buyers don't mind schlepping to open houses when the weather is warm and they don't have to slog through snow, and families are motivated to move before the kids start school. This year, with very low mortgage interest rates, the expectation was that August would be business as usual. That didn't happen.

Instead, with both buyers and sellers worried that a recession could be headed our way, home list prices fell to $309,000 nationally in August, according to a recent realtor.com® report. That's down 1.8% from July, but up 4.9% year over year.

Those fears of a downturn could become a self-fulfilling prophecy: If one does materialize, about 56% of home shoppers are expected to put their search on hold until it passes, according to a recent realtor.com survey
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