WASHINGTON, DC (October 23) Despite fears that higher mortgage rates
could cripple a recovering housing market, the vital signs for housing
remained remarkably good in September, according to the latest
Campbell/Inside Mortgage Finance HousingPulse Tracking Survey.
emerging slowdown in home purchases appears to be largely seasonal.
September is yet another month where higher mortgage rates have had only
a moderate effect on the housing market, said Thomas Popik, research
director for the HousingPulse survey.
the new HousingPulse results reveal a continuing slowdown in
homebuyer traffic among all groups current homeowners, first-time
homebuyers and investors that started last spring, other indicators
suggest the housing market was nevertheless quite strong in September.
example, the time-on-market for non-distressed properties, a key driver
of home prices, was at a four-year low of just 8.6 weeks in September,
according to HousingPulse. This compared to 10 weeks or more
during the spring months when mortgage rates were close to near-record
number of purchase offers on non-distressed properties, a strong
indicator of housing demand, stood at a three-month average of 2.2 in
September. This was off just slightly from the four-year high of 2.3
offers seen in the early summer months, HousingPulse results
Another key indicator of the strength of the housing market, the
sales-to-list price ratio for non-distressed properties, was 97.5
percent in the September HousingPulse results. A year earlier,
the sales-to-list price ratio was 96.1 percent.
Importantly, the housing market also is continuing to see fewer
distressed properties. The HousingPulse Distressed Properties
Index, which reflects the share of home purchases involving real estate
owned or short sales, fell to a four-year low of 24.6 percent in
September based on a three-month moving average. A year ago the index
stood at 35.7 percent.
Campbell/Inside Mortgage Finance HousingPulse Tracking Survey
involves approximately 2,000 real estate agents nationwide each month
and provides up-to-date intelligence on home sales and mortgage usage
more information on the survey, contact John Campbell at Campbell
Surveys at (202) 363-2069 or
* * *