As of August 8th, mortgage rates had declined to their lowest point in over a year. Most analysts believe the Fed will begin to drop its benchmark rate in September due to the inflation rate slowing to 2.9% (the lowest since 2021).
Lower interest rates, of course, will continue to affect the housing market and will almost certainly spark increased market activity—not only from buyers but potentially also from sellers who held off listing their homes in the past two years due to the "mortgage lock-in" effect.
Following the typical seasonal effect, the market cooled in summer following a hot Spring market. However, luxury home sales remain robust, and the three-month rolling median home sales price is just below its all-time peak in Spring 2022. The market often sees a surge of new listings coming in September (post-Labor Day) to fuel the Fall selling season.
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