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By G. Steven Bray
With the froth off the housing market, this fall could be a good time for home shopping. At least one real estate firm, Redfin, expects activity to pick up this fall. It reports that price growth in all markets has slowed significantly, and it reported that this summer saw the biggest drop of the year in the number of homes that sold above list price.
Zillow confirms this trend. Home appreciation based on its home value index has dropped in every month since peaking in Apr. It forecasts that the rate of appreciation will continue to slow to 3% next year.
According to Redfin, flattening home prices coupled with still low mortgage rates could result in a surge of sales through the remainder of the year. If you’ve been sitting on the homebuying sidelines, it might be a good time to see what’s available before the before this combination disappears.