Hyperactive buyers have been driving up home prices for homes that are in good condition and have been selling at a record pace. The housing market is still far from normal as the inventory of homes available to buyers is at historic lows. The low inventory and low-interest rates are proving to be home price accelerants.
The latest market trends point to a shift in activity. We may have passed the peak for this hot market. According to Realtor.com the decline in time on the market has slowed for the first time in months, indicating that some properties are sitting on the market longer and may be pointing to a positive development for buyers. Time will tell.
(Floating House Image from Pixabay)
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KEY POINTS
- In June, new listings increased 5.5% year over year and 10.9% compared with May, according to Realtor.com.
- Among the nation’s larger cities, the 10 markets with the highest new listings increases posted gains of 20% or more from a year ago.
- “Our June data report shows good news on the horizon for buyers,” said Realtor.com senior economist George Ratiu.
- Epic Housing Market Shortage May be Beginning to Lift as surprising number of New Listings hit market in June.
