August followed typical seasonal trends, with summer holidays winding down amid falling interest rates, signs of future Fed cuts, and improving housing affordability. The autumn market is now picking up, often a busy time before the November slowdown. Interest rate declines could lead to a demand surge.
"We expect mortgage rates to gradually decline, boosting homebuying demand, especially from first-time buyers. However, tight inventory will limit sales, with modest growth in 2024," Freddie Mac, 8/22/24.
While challenges remain, the market outlook is generally positive, with improving consumer sentiment and expectations for economic growth. As always, reach out to our team if you have any questions, we're here to help.
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