• Nationally, the monthly cost of financing a median-priced home was 8.3% lower in August 2024 than in June because the median home price declined 2.1% over the past two months, and mortgage rates have dropped.
• In August, the average 30-year mortgage rate declined for the third month to 6.35%, a 0.87% drop from the 2024 high reached in early May. The Fed is expected to cut rates by at least 0.25% in its September 17-18 meeting. Rate cuts will benefit the current market.
• Sales rose 1.3% month over month, ending a streak of four consecutive monthly declines, while inventory rose to its highest level since 2020. Because sales have been so sluggish this year, we may see sales increase in the fall, as rates fall and homes become more affordable.

 

Mortgage giant predicts two interest rate cuts this year

Many “wannabe” buyers and sellers are attempting to read the tea leaves of the property market at the moment, trying to determine when mortgage costs will fall and how that event will impact the cost of homes.

 

 

Houston Area Market Data

 

Featured Development 

Welcome to Pinemont Heights, a luxurious gated private enclave North of Garden Oaks. Nestled within a gated enclave, this development by Farb Homes boasts high-end finishes and selections that exemplify modern elegance. Each residence is a single-family patio home with a private driveway and spacious backyard, offering residents the perfect blend of tranquility and convenience. With a two-car garage for every home, parking and storage are effortless, making this community an oasis of comfort and style in the growing and vibrant Independence Heights neighborhood.

That's it for this month! Make sure to check back every end of the month for a new CQ Brief update!