With current mortgage rates the lowest they’ve been since mid-last year, U.S. home sales are thriving.
In September, despite a limited number of home for sale nationwide, sales of existing homes topped five million units on a seasonally-adjusted, annualized basis, marking the fourth consecutive month sales totaled more than one-half million units on an annualized basis.
Purchasing power is high and buyers are taking advantage in the Tri Valley. The typical “prime” home buyer can afford 10% more home as compared to the start of the year.
Low mortgage rates may not last, however, and neither will low prices. Demand for homes continues to outpace supply, and home sale prices continue to ratchet higher in many U.S. markets.
The good news for buyers is that low- and no-downpayment mortgages remain readily available; and a home buyer today can get approved for loan with credit scores of 580 or higher.
