The real estate market is experiencing positive changes as the summer ends, with an increase in new listings and stable home prices. Inventory levels are rising and mortgage rates have slightly decreased, offering potential opportunities for buyers. Despite inflationary concerns, there are signs of a more robust selling season ahead. However, the pace of home sales remains slow due to high housing costs and economic uncertainty, prompting some sellers to adjust their pricing strategies or reconsider their decision to sell.
New listings have risen, hinting at increased seller activity, yet remain below levels seen in spring and early summer, suggesting a cautious market recovery.
Home prices show stability as the median list price stays flat compared to last year while the price per square foot hints at slight increases in underlying home values.
Inventory growth outpaces the rise in new listings, resulting in homes lingering on the market longer due to buyer affordability concerns, impacting overall sales.
The sluggish home sales pace is driven by high housing costs coupled with economic uncertainty, which encourages sellers to lower prices or rethink their selling plans.
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